Updated: June 18th, 2013 We met the 5,000 LTC Challenge! We are very impressed by the community coming together in support of the future of Litecoin! I would like to thank not only the development team, but our volunteers for their tireless efforts of educating others and testing. The fundraiser is not over. We continue to collect donations to accelerate the development of Litecoin and supporting vendor integration tools. Businesses in particular may be interested in donating to get their name in the sponsor list as being on record as supporting their community. I'd like to write more now, but busy preparing the 0.6.9 official release with reduced fees. =) Original Text Below ... Litecoin Dev Fundraiser: 5,000 LTC Matching Donation ChallengeA big sponsor who wishes to be anonymous is willing to support the Litecoin Development Team. They are offering a challenge grant where if we receive an additional 5,000 LTC in community donations by June 18th noon GMT, the anonymous sponsor will match with an additional 5,000 LTC. These combined funds will go a long way toward enabling long-term development of the Litecoin software and related vendor integration tools. The dev team donations prior to the challenge amount to 3,059.8868 LTC at LRNYxwQsHpm2A1VhawrJQti3nUkPN7vtq3. The challenge will be complete when gross donations reach 8,059.8868 LTC as tracked on this spreadsheet. Bitcoins donated to 1KD5tt1p3mdZH8DDXeEwdsJNpiwUZCfzkF converted and deposited to the LTC address count toward the challenge. https://docs.google.com/spreadsheet/pub?key=0AnlrnfU-U6E-dFVuUnlfZUlqek9JbzlNYjVENWp3ZlE&gid=0A list of sponsors, donations, and expenses of the Litecoin development project are listed here. If you contact Warren with your txid and cryptographic signature proving ownership of the sending address, we may add your name or business name to the sponsor list, at our discretion. “The 5,000 LTC matching challenge funds is currently sequestered at LXhTDTv1cwGUb67DX88xtkQriYWmTFAVyr.” Cryptographic signature of the quoted string proving the matching challenge funds: G/JW/UyKeN/Uplj1EVa2gmOZBN9g4FXXvNRHCnHJAdv7rtVMDX1pmfrpyLW47LaVKj7uPAfT/hKQuoMVJwPn/b4= The identity of the anonymous sponsor will be revealed later. Sponsorship Credithttps://docs.google.com/spreadsheet/pub?key=0AnlrnfU-U6E-dFVuUnlfZUlqek9JbzlNYjVENWp3ZlE&gid=0All donations and expenses are to be tracked here. Please let me know if you want your name to be listed as a sponsor. Alternatively business owners might want their business name to be listed as a sponsor as a form of advertisement. Please reply identifying yourself in the thread, perhaps include a crypto signature of the sending address as proof. If you wish to remain anonymous that is fine too. Development StatusPlease follow the Litecoin Dev Team on Google+ for the latest news. Will post stuff there first. |
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And here us ignorant speculators were tricked into thinking 0.8.2 was right around the corner  I pointed you at important news URL's to read, and you repeatedly refused to read it, instead continuing to ask me questions that were answered in public. 0.6.x and 0.8.2 are being developed simultaneously to both have the same rules. 0.8.2 still has bugs and is very experimental. I discovered an annoying problem in it a few days ago and fixed it. We don't want surprises with a new official release, so 0.6.x is the next stable release which reduces fees. I have an appointment soon. I'll be back later today. |
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It was built by my friend on a fresh install of MacOS X 10.6 32bit. I did not test it. You should verify his GPG signature before running this. Get his key from a GPG key server. Make backups of everything before trying it! This is very untested. Could be dangerous. Note: I vouch for the guy who built this, but not the software. The software could burn your house down for all I know. Did I mention backups? |
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Important News: reduced LTC fees coming soon, review/testing needed.0.6.4rc1 is now available for public code review. We need your help NOW to review these commits and test them on mainnet. If nobody finds any problems, then we can make the next official release of 0.6.x with the new lower fee REAL SOON. Everyone wants that right? If so please help to carefully review and test this! This is very important, as this tree is likely the next official release, with the old fee so people can safely test it now.
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Well we all know why the fee's are in place but doesn't change the fact that it defeats the purpose of having such a currency.....so I think you can come up with a tad better solution then this.
All the push for cryptocurrencies;
oh don't give the big banks your fees, and there is none of these big evil central banks.......yet using ltc the transfer fees are larger then any bank I use, and now you're pushing to be on Mt Gox......so what then is you're reasoning for existance?
The current fees are from an accident of history. There has been no development of Litecoin and no releases for a year. The current LTC dev team is newly organized as of March with rapid development from May. The team is now in the process of rolling out many bug fixes and lower fees to match prevailing market conditions. Check out the news: https://plus.google.com/104307324656397909502/postsLitecoin is NOT FOR MICRO-TRANSACTIONS. It makes no sense to allow thousandth or millionth of a cent transactions on a public ledger that only grows forever. Litecoin has made the conscious decision to discourage stupid uses of the ledger using market-based behavioral incentives, thus allowing the blockchain size and UTXO set to grow with proportion to actual user adoption. These rules were in place from November 2011, and are likely a major contributing factor to the survival of the coin while so many others have failed. If you don't like it, you are welcome to use any of the other coins. Bitcoin, for example, you might have heard of it. Bitcoin has an entirely different philosophy, to the extent that the chain storage is rapidly growing beyond the level of comfort for the casual home user. Learn more about Bitcoin's political battle over inefficient growth at Keep Bitcoin Free. |
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I think any kind of transfer fees defeats one of the main reasons for having cryptocurrencies in the first place.
I agree, but unfortunately you have to do so in order to avoid blockchain spam. There was a lot of transaction spam during the early months of Litecoin, which filled up the blockchain. Following this, the fees were revised. Not just spam protection, but transaction fees are also necessary to pay for miners to operate in the future when the block subsidy reward gets smaller and smaller. Providing security for the blockchain is not free. |
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Can u give me the breakdown or a link that explains the current exorbitant fee of 0.1 methodology so that we know when and how this is requested\charged etc yesterday I was tx to and from a hot wallett to cold storage and was hit 4 times with .1  even Visa & mc dont charge that much ..(well they do but come on ) That's from the history of "no development and no release for a year", which is one of the reasons why I joined development. The next release drops the fee by a conservative factor. We will monitor market conditions after that point and decide how to adjust the standard fee again. 0.8.2 also allows mining pools the freedom to adjust their acceptable fee threshold if they think they can attract more profits, but that can be hazardous to their pool if done improperly. Please follow the Litecoin Dev Team news. All this stuff is explained there first: https://plus.google.com/104307324656397909502/posts |
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Read the FAQ. It explains this version is t test that it is fully compatible with 0.6.x. If things go well, there will be a new version of 0.6.x and 0.8.2-alpha which rolls out the new fee.
Your client paid a weird fee because if any change would be less than 0.01 LTC it automatically adds it to change instead of making a dust txo. Bitcoin works this way too, but at a smaller threshold.
Sorry I missed that one, but the fee is high even for 0.6.x am i wrong ? what do you think ? I had a thinko earlier. Change smaller than 0.01 goes directly into the fee instead of becoming change. The client does this to prevent the creation of really tiny dust. |
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downloaded and started testing , I will post feedback in case of problems. thank you note1: i just hope that there is no risk to lose my coins. note2: I need to download the hole block chain . note3: it is really impressive how fast is the block chain download note4: it took me only about 20-25 min to download the block chain. and the stratup time of the client is really impressive, I do not have to wait 5 min to launch the client any more. I just donated another 5 LTC with the new client edit: 0.01179505 LTC fee, is this normal ? I had a feeling that fees were lower before or am I wrong ? http://explorer.litecoin.net/tx/d6cb990ec6b2db90f5806d1227b25520f07f2cb793e17dc276d82c1d06b71f73#o0Read the FAQ. It explains this test version exists for the purpose of confirming full compatibility with 0.6.x. If things go well, there will be a new version of 0.6.x and 0.8.2-alpha which rolls out the new fee. Your client paid a weird fee because if any change would be less than 0.01 LTC it automatically adds it to fee instead of making a dust txo. Bitcoin works this way too, but at a smaller threshold. |
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