Bitcoin Forum

one really stupid move for litecoin.

The reasoning is simple.

Scrypt clones should just be killed off, they serve no purpose other than to dilute and confuse the market.. is that a good thing ?

My simple reasoning is doge's a jokecoin, one that many large ltc holders wouldn't want any sort of connection too, add that to the scrypt asics non sense (by that I mean even listening to the suggections of changing it)......well some big hands might fold.

Litecoin is doomed to RIP anyway so ..

Litecoin creator here.

I got to know Jackson Palmer at the CoinSummit conference. Very cool guy. We exchanged a few emails afterwards and I suggested merged mining to him because I think it's a perfect solution to a potential problem that Dogecoin (and Litecoin) will be facing soon.

Here's what I sent him:

    Jackson, I thought occurred to me. What are your thoughts about merged mining? Its unfortunate the dogecoin kept the same mining algorithm as litecoin. As we are now competing for miners. The scrypt asics might make this very chaotic. Merged mining will solve that. The only problem with merged mining is that it may peg the two coin's price together since the supply would be linked. But since price doesn't matter that much for Doge, I think merged mining is the prefect solution.

    What do you think? I would love to see a world where litecoin and dogecoin both thrive and work together instead of competing for miners.

    ASICs could potentially do a lot of damage to the small coins, so having Litecoin and Dogecoin join up would be good for both coins. In order to make that happen, doge would need a hardfork to add in merge mining capabilities. After that, pools will do the rest. I'm pretty sure all you need to do is add this code: https://github.com/united-scrypt-coin-project/unitedscryptcoin/commit/f772fbdd09f0999f83f0447a206d58bbe46b2d51 Make sure you set the block changeover to sometime in the future and use a unique chain index.

    If you do proceed to go forward with this, I can help more.

There's obviously trade offs with merged mining. But I think this move would benefit both coins and ensure the survival of both.

Thanks to coblee!  :(

The reasoning is simple.

Dogecoin proved that a very destructive force could be created very rapidly via a meme.

If Dogecoin had wanted to, the nethash could have easily have ended Litecoin for all effective purposes.

The only real security in crypto is mult peta hash rate.

Something that will never be obtained with gpus.


~BCX~

Thanks to coblee!  :(

If this move doesn't change the number of DOGE's from current reward schedule (100 bln to the beginning of 2015 and then each block 10 000 doges starting from block 600 000), then sure, why not, it's a good idea to strengthen the security of both coins by merged mining.

The only thing not to mess with is the block reward schedule, because this is the crucial factor for investing, that helps evaluate the potential price of the coin. If the supply of the coins is messed with, and the originally planned supply is changed, that would make any coin a joke (just like fiat is a joke because the future supply can be printed at whim in any quantities if needed) and investors would flee that coin in packs. Cryptos are good and different, because the coin supply increase is known for years ahead. Let's not play with that.

This would only apply if there were a real market for those coins, but there is none.
Look at what happened to DOGE since the first halving.
Did it double in price?
No, it did the opposite. Why? Because there is no market, no real demand, pure PONZI.

The only chance I see for Litecoin is to make some good distance to the competitiors by innovation.
Not by flawed assumptions whose only goal is to scam more investors out of their money.

People told the same about Quarkcoin, the first block reward halvings came and the coin lost a lot of value. Then it halved to 32QRK and bam, 50000% rise in 3 days or so.

I think all this talk about algo and spec changes is nonsense and hurts the stability of the coins in question. Merged mining may be useful, not 100% on that yet.

You know that this is utter nonsense.
Any coin relying on network size for security reasons is a flawed concept in the first place.

Go ahead and merge, that'll be the end for both coins.
I wouldn't mind actually, all these crap Scrypt PoW coins getting out of the way.

You should instead think more about how you could make it a usable product for end customers.
Instead of trying to cheat more people out of their investments.
SCAM - SHITCOINS - your words - applies to LITE and DOGE more than ever in the meantime.

I agree with the usable product part, but coins really need multi peta hashrate for security and to ensure a steady flow of coins.
If you take a look at CPU coins you will see that most of them are vulnerable to botnets. GPU mined scrypt coins are vulnerable to big players... and both are vulnerable to new more profitable coins.

IMO only ASICs and merged mining can secure a blockchain. Not just because of the sheer power of the ASICs but also because of buying for example a scrypt ASIC means that you have long term plans with that particular algo, and you (and thousands of other miners) will not reconfigure your rigs tomorrow for let's say DRK and leaving your previous favorite (scrypt)coin with some tiny hashrate, thus making it a sitting duck.

The reasoning is simple.

Dogecoin proved that a very destructive force could be created very rapidly via a meme.

If Dogecoin had wanted to, the nethash could have easily have ended Litecoin for all effective purposes.

The only real security in crypto is mult peta hash rate.

Something that will never be obtained with gpus.


~BCX~

The whole software issue is just a matter of deployment.
From the wallets to the miners. To make it consumer and industry usable at all.

And as I said, any coin whose security is dependent on the network size is a flawed concept from the beginning.
It's like putting the cart before the horse. PoW has to be secured by other means, and it is already.

I don't think the concept of pure Scrypt PoW coins, secured by the tiny ASIC LOBBY, have any viable future.
The big money will be thrown at other models.

So let me just get my head around this ;


Litecoin

Merged with

Dogecoin

?

Dogelite?

: D

So again, why is LTC doomed?

What people seem to forget: Maybe Dogecoin community doesn't want to merged mine together with LTC.

because of people that make stuff like (C.A.T.) Cryptsy Auto Trader lol
i see your Dogecoin program link in your sig then CAT listed for sale on that page with a Reddit page link lol

Selling a bot and supporting Doge coin and posting coin bullshit on Reddit = gay.

but you will of course come here and spout of about doing the right thing while no one is looking then do the opposite right ?
oooh those damn scam coins i hate them so much !!!!
pss, hey (whispers).. where is the Flappy coin or My Little Pony wallet download link ???
hahaha HypocriteTalk.org

Because it was meant to lock out ASICs, now it has ASICs and the devs either can't change it without breaking the coin or were bought off.

Were ASICs a problem for BitCoin? Everyone speaks about securing the network and then they speak about how ASIC centralisation is wrong. I thought ASICs were overpriced (at least those for LTC) and basically useless - you can at least sell the GPUs.

LTC has an experienced development team
Open Chinese exchanges
Largest capitalization after BitCoin

BTC survived ASICs because it was the first, and its hashrate distribution is already a disgrace. The whole point of LTC was to lock out ASICs, without that, it is nothing, just a waste of a blockchain.

A really smart move for litecoin imo.

That's actually the overwhelming response so far from the /r/dogecoin community. They are viewing this as some kind of desperate attempt by Charlie Lee to help LTC sustain itself in the coming years.  Not sure I completely agree with them.

Were ASICs a problem for BitCoin? Everyone speaks about securing the network and then they speak about how ASIC centralisation is wrong. I thought ASICs were overpriced (at least those for LTC) and basically useless - you can at least sell the GPUs.

LTC has an experienced development team
Open Chinese exchanges
Largest capitalization after BitCoin

El Dudeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee,

Glad to see you made it to the party.

So what's your take on Litecoin's founder recommending merged mining with Dogecoin?

I wuz like WTF?

Dogecoin Community is all up in arms against it, so I don't think it will happen. 

But I'm curious about your take on Charlie Lee's recommendation.

one really stupid move for litecoin.

http://www.reddit.com/r/dogecoin/comments/22hqm6/official_an_update_on_the_foundation_core/

There has been a lot of speculation around a recent comment from Charlie Lee (creator of Litecoin) regarding a discussion we’ve had / are having about merged mining. We just met recently at CoinSummit, and it was great to talk about altcoins with the person who was first to adopt scrypt as a proof-of-work algorithm (which most altcoins are using currently).

Charlie pitched the idea of merged mining to me as a way of securing both the Litecoin and Dogecoin networks, which minimal coding work required. It’s a really interesting concept that has both it’s pros and cons, and I’ve really appreciated the level-headed discussion that’s been going on both here on Reddit and over on the various Dogecoin-related IRC channels.

If you’re not familiar with merged mining, I’ll let you do a quick Reddit search and do the reading yourself - but here are my thoughts on merged mining between Dogecoin, Litecoin or any altcoin for that matter:

    Dogecoin is in a really interesting position, where we’ll reach block 600k and static rewards of 10,000 DOGE by the end of 2014. Up until then, saying that Dogecoin *needs *to do anything is really just speculation, and we have no real way of knowing how the network and it’s miners will react once block rewards drop.
    Right now, merged mining with Litecoin wouldn’t really benefit Dogecoin. It’d just force all the dedicated, passionate Dogecoin mining pools out there to shift over to also mining Litecoin to reap their deserved rewards, which they may not want to do. On top of that, it’s fair to assume that Litecoin miners who come in will likely auto-dump the Dogecoin they’re rewarded, which isn’t necessarily great for the stability of Dogecoin as a currency and no better than what multi-pools are doing today.
    Dogecoin has amazing growth at the moment, the strongest community in cryptocurrency behind it, and it’s viability shouldn’t be pegged to another currency or network while it’s only 4-5 months old.

In a nutshell, I don’t believe that merged mining is the answer right now. Maybe it will be once we see what happens past block 600k, but as I said that’s impossible to predict.

I’d actually propose this: Let’s work with other, smaller scrypt-based altcoins such as DigiByte to help them merged mine off Dogecoin as the parent blockchain. This helps secure all of our networks into the future (altcoins with lower hashrates are subject to frequent attacks), and I personally love seeing us crypto under-doges working together (DigiByte devs helping with us implementing DigiShield is a fantastic example of this). Just like Dogecoin, there’s no telling what the future of Litecoin holds either - so maybe they’ll want to merge mine off Dogecoin as the parent chain some day :)

please stay on reddit. Thanks

+1

*snip*
In a merged mining scenario, there's two (or more) players: the PARENT blockchain, and the AUXILIARY blockchain(s)
coblee's suggestion is that Dogecoin becomes the Auxiliary blockchain, and Litecoin retains the Parent status.
*snip*
My suggestion is simple (EDIT: see below for why it totally isn't.): Dogecoin becomes the Parent, LTC becomes the auxiliary.
*snip

The arrogance of some Litecoin advocates is probably one of the reasons for the Dogecoin dev and community declining the offer, they are too nice to directly say that though.

The post was very relevant btw, it being posted on reddit doesn't mean it's unworthy for your mind. I think you wanted to know the result aswell, right?

Check this counter offer btw: http://www.reddit.com/r/dogecoin/comments/22hsnc/my_counteroffer_to_charlie_lee_well_patch/ (omg evil reddit link)

The arrogance of some Litecoin advocates is probably one of the reasons for the Dogecoin dev and community declining the offer, they are too nice to directly say that though.

The arrogance of some Litecoin advocates is probably one of the reasons for the Dogecoin dev and community declining the offer, they are too nice to directly say that though.

The post was very relevant btw, it being posted on reddit doesn't mean it's unworthy for your mind. I think you wanted to know the result aswell, right?

Check this counter offer btw: http://www.reddit.com/r/dogecoin/comments/22hsnc/my_counteroffer_to_charlie_lee_well_patch/ (omg evil reddit link)

Litecoin's value is purely hype from the LTC on Gox hype.

May they both share the same fate.

Dogecoin took the jihad mentality out of cryptocoins.

I have my own reasons for going with other coins, but that one thing is the reason why dogecoin has value.

You all seem to forget the ONLY reason for the existence of Litecoin (and all the other Scrypt coins, BTW) is that it uses a different hashing algo that was supposed to be ASIC resistant.

dunno the chinese exchanges took ltc further then gox would have.

dogecoin's the flavor of the month type, stuff like that only last til the next fad comes along.

incorrect initially it was designed for gpu resistance. also other (be it slight) improvements over btc.

Merged mining is not a bad thing. I don't know why there is a panic over it, it makes complete sense and there are already mining pools that do it with dogecoin. They just fly under the radar.

This would definitely kill Dogecoin!
Charlie Lee made an offer only because he sees Doge as a strong competitor, Doge is very able to take the second place instead of Lite.

Litecoin is still going to die due to asics, who need the second asic-Bitcoin if the first one still exists?
Sooner or later this will happen even in spite of a large cap.

Charlie Lee plans to bind Doge to scrypt, in this case Doge wont be able to overtake him. So if Doge won't change the algo, they stay behind Lite forever! 

Save DOGE!
Don't let it merge with half dead coin!

your a retard if you think a coin with no hard cap and billions of coin will ever replace Litecoin.

dogecoin is broken code and everyone knows that.

the initial spike came from gox many moons ago.

dogecoin users sold cars and houses for doge.

why?

because no retarded stare contest at the exchanges.

dogecoin means no stress.

no stress means more commerce.

deal with it.