Speaking of network hashrate, will you guys be porting/preserving the getnetworkhashps method to 0.8.x or are you dropping it like Bitcoin did?
Rebased and improved. |
|
|
|
So the node that got it screwed us?
"Screwed" is probably an exaggeration: that's only 3% on one block and the node lost these 3% too. That could be unintentional too (a freshly restarted node which didn't have the time to fill it's memory pool will generate a block with fewer transactions). What's important is that it's not an exception: that's the second time I check recent P2Pool blocks and I found that they were small ones which missed potentially higher fee income. whats the pro and cons of integrating MUCH TX in a P2Pool Block? Larger blocks could increase the chances of losing the block as an orphan, but in the case of p2pool thanks to tx pre-forwarding this concern is mostly obviated. The other drawback to too many tx's is GBT can take longer. Normal pools do GBT far less often than p2pool. During the recent spam txo attacks, you've seen p2pool miners increase the minimum tx fee so GBT would be much faster. 0.8.2 improved that performance issue a *lot* thanks to sipa. |
|
|
|
Nah I think your logic is missing a bit
See, you have to pay for quality dev in any event
So WT is saying that he is going to leave his payment in LTC rather then just take FIAT and spend it.
This may even be provable as if he sends it to address provided, you can see if it is all just siphoned of to another address.
So WT is investing and building a stake. Also nothing concentrates the mind when you have a stake in what you are doing rather than just a hired gun
so the right strategy all around
This is precisely my intent. After documented expenses and taxes are paid out, I intend on holding the LTC for a long while. If LTC becomes a medium of exchange in commerce instead of an irrational speculator's playground then it's worthwhile to hold for that possibility. This could also be a risk of losing all that value if LTC is not embraced by the merchants. I can only make the software technically better. I cannot control what merchants do with it. What are the expenses? - Team infrastructure expenses are top priority.
- We plan on small donations to skilled contractors for specific tasks. For example, we have 100 LTC promised to an old school expert OpenBSD/MacOS developer if he succeeds at officially maintaining both ports. There will also be a bigger donation to a highly skilled expert for an external code audit, meant to reduce the overall risk to the network.
- forrestv got some LTC for his current work to substantially mitigate problems caused by p2pool. We realized only recently that p2pool had alarmingly grown to become the largest txo generator for Litecoin. The next version of p2pool LTC will hardfork its share chain to pay out larger minimum dust sizes and less often, thereby making p2pool dust far less painful to deal with.
- So far all the other core devs have refused these donations. However, I strongly recommend that pools consider donating to pooler directly after he saved their collective asses..
- The guidance on tax treatment is unclear to me, so I plan to hire a CPA firm to figure out how I may be required to classify this as income to remain in compliance with the law. Depending on what the CPA tells me, I might be forced to sell a portion of the post-expense LTC to USD to pay Federal and State estimated income taxes.
|
|
|
|
It is easy to glue scrypt to Bitcoin source and launch a new coin when you don't need to care about consensus with old nodes. It is especially easy to do when it is merely a short-term scam where you don't care about bugs. By contrast, Litecoin needs to be exceedingly careful with the transition as many people are depending on it to go smoothly. Pooler made a 0.8.1-based client ~2.5 months ago but the team decided it wasn't worth releasing. It had no git history (just a tarball of source), was unaudited, and Bitcoin-0.8.1 with LevelDB at the time had too many bugs. As 0.8.x necessitates a hardfork, we want to add more improvements to make this rare opportunity of a hardfork more worthwhile. The 0.8.2+ based client is shaping up well, with each patch applied on Bitcoin-0.8.2 manually inspected multiple times. We are now carefully assessing the safety of a major change that should improve the performance of Litecoin after the hardfork. |
|
|
|
Out of curiosity, when will you be able to reveal the identity of the big sponsor?
I can guarantee it will be sometime before the heat death of the universe. (I don't know.) |
|
|
|
I think the pools should include a section donate % for litecoin core development
This would be very much appreciated, but it would be a pain if pools send lots of little payments. Pools should build pots with a BIG COUNTER at the top of the page and make a donation all at once, for the glory of the pool and its miners. |
|
|
|
Hey, if you're a Litecoin developer you should be rich by now! Ha ha, but seriously, even if you were litecoin-rich, you deserve to be paid for useful work.
As of a few minutes ago I've donated 0.5 BTC to 1KD5tt1p3mdZH8DDXeEwdsJNpiwUZCfzkF. Even though I've invested much more money in Bitcoin than Litecoin, I think it's great if we can have more than just one truly successful cryptocurrency.
Cheers.
I wrote earlier explaining this issue. http://www.reddit.com/r/litecoin/comments/1f0sz4/litecoin_core_development_fundraising/Hi. I am Warren Togami, the lead developer on Litecoin-0.8.x. I am better known as the Founder of the Fedora Project, and I have worked on other open source projects like Spamassassin, K12Linux and Cyanogenmod. I spent the last two years in grad school. I need to clarify some points here.
coblee said he will not accept any of these donations for himself.
Donations first will go toward reimbursing server hosting expenses for various infrastructure that benefit the entire Litecoin community. This includes the homepage, wiki, three explorers (for redundancy), permanent testnet nodes, dnsseeds, and automated security monitoring infrastructure.
I discovered Litecoin very late (March 2013) when I began mining, so I currently have very little. My operating theory is that if I can build a meaningful stake and hold it for a long time, it enhances the personal incentive for me to fix the software and to further work on tools and clients to foster vendor integration. If I am successful with these goals, then LTC will grow in value due to its increased use as a medium of exchange in commerce. Thus it makes sense for me to hold on to it in the long-term.
In any case, these donations aren't going to a "rich developer". |
|
|
|
yes I wish that you will be able to get that amount, but hey good news!! we know that some people have a shit load of LTC and they would be more than happy to see LTC go further, and 2000 LTC wont be anything for them , they wont even feel the deference. I can suggest that you PM this guy, you know the one who makes LTC astro charts for LTC, his nick name is Otoh look at this thread https://bitcointalk.org/index.php?topic=148077.0this is his LTC address http://ltc.block-explorer.com/address/LcLJUZtRyLTs9uNqfWZijo2mFnMbdoQTfbI mean come on this guy have 598,696.25 LTC  and he recieved a total of 1,889,096 . I was shoked when i first saw this. go ahead Pm him. Otoh already donated an amount in BTC more than most donors. Please see the spreadsheet. |
|
|
|
warren, can you tell what development has been made before I actually donate? There are a few people on this "dev" team that don't even code at all, so I'd like to see the advances being made. Atm, all I see is asking for money.
See 2nd post for commit log as of May 31st. The hard part has been vigorous testing which has gone well so far. Only a few bugs were found and fixed. Yesterday pooler, coblee and I figured out an ambitious plan to improve memory use of litecoind. I need to code it and run test it on a fakecoin to make sure it will be safe. If we do this plan, it would need to be done now because it requires everyone to reindex, which happens automatically when users run 0.8.2 for the first time. The other coders like aspect and weex don't work on the core C++ reference client. They are however talented in other areas that will be critical to the supporting tools and infrastructure that folks would need to make it easier for vendors to integrate. A team with diverse skills is a benefit here, as bug fixes or new features to http://ltc.block-explorer.com/ that would take them minutes to write would take me 10x as long. |
|
|
|
Also why don't you just eliminate transaction fees for the next few years? There will still be plenty of miners competing for the LTC prize. more than enough hash power to secure the network
http://ltc.block-explorer.com/chartsZoom into November 2011 on the first chart. Without fees, attacks can spam the network to death, causing the blockchain and UTXO set to grow out of control, eating disk and RAM until everyone quits. Today 12M of our 13M UTXO that must remain in RAM forever are from the November 2011 spam attack. We have had very little spam after the anti-spam rules were added. Litecoin-0.8.2 will reduce fees by 5x. After that we will reassess market behavior and adjust fees again in 0.8.3 accordingly. In the long-term we are looking at various designs that would allow fees to float with free-market competition based on supply and demand. |
|
|
|
Litecoin Dev Team has awarded a 200 LTC donation to forrestv for his current redesign of p2pool. A future update to p2pool will hardfork their sharechain to increase the minimum size of dust. This is important to the long-term health of the network, and it helps to reduce fees in combining p2pool dust for the miners. Thank you forrestv! https://plus.google.com/104307324656397909502/postsPlease follow us on Google+ for the latest dev team news. |
|
|
|
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 received funds at this address reach 8,059.8868 LTC. 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. Note from Warren: It is technically Tuesday June 4th, 2013 11:03PM HST at my current location. =) Im not trying to be a little troll and I appreciate all the work you guys do to make me rich, but honestly you gotta admit that statement sounds kinda manipulative. I mean if someone has 5K they want to donate they should do it regardless of what the community does. I just feel thats kind of a manipulation on his part to get more donations from the community (a legitimate line of logic saying he wants to see mutual commitment from the community as he does from himself) the issue he is anonymous (also logical). Problem is that the outcome (send us more money) sounds kind of, well, you know what it sounds like. Anyways I'm sure we will see how this plays out, ill just shut up till then, and most likely this is legit, just has a sound of scamy to me I was concerned about exactly this reaction. I really wanted the big donor to be known from the beginning, but he/she/it isn't ready and wishes to be known later. The crypto signature proving the existence of the funds was the best I could think to show this isn't a lie. Those funds originated from 100 BTC https://blockchain.info/address/1Pf28p3iznWrTDZfB1AY5GoD2w5n7RPHef which were transferred 25 BTC at a time to exchange to LTC. Then the remainder to reach 5,000 was added by another big supporter to make it a round number. The agreement is that if we do not reach the match by the appointed date that we will be required to return the funds. I strongly believe this community will not let this happen. |
|
|
|
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 received funds at this address reach 8,059.8868 LTC. 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. Note from Warren: It is technically Tuesday June 4th, 2013 11:03PM HST at my current location. =)
|
|
|
|
And tomorrow the difficulty of BTC jumps almost 30%. LTC is a less profitable coin to mine than others right now. Coincidence?
Sorry if I'm feeling jaded at this moment but...
News Flash: Mining profitability has nothing to do with the value of the coin as a medium of exchange in commerce. Fluctuations in price are meaningless as they are not based on any change in fundamental value. I really appreciate that there is the "Ignore" button on the left. If you read that guys post history(don't waste your time doing it, especially if your faith on humanity isn't already strong) you really don't wonder why his ignore button flashes. Every post is idiotic at best. Straight up stupid and delusional on average. Its not too hard to put 1 and 1 together and understand that its a "network improvement'' news coming. And reading between the lines without speculating too much, one would guess a major client release (which is GREAT news as it was one of the main complaints of litecoin that it was running on old client). But hey, stupid is stupid. Please stop guessing. No major software release to the public this week. The news has nothing to do with a release or exchange value. |
|
|
|
And tomorrow the difficulty of BTC jumps almost 30%. LTC is a less profitable coin to mine than others right now. Coincidence?
Sorry if I'm feeling jaded at this moment but...
News Flash: Mining profitability has nothing to do with the value of the coin as a medium of exchange in commerce. Fluctuations in price are meaningless as they are not based on any change in fundamental value. I really appreciate that there is the "Ignore" button on the left. |
|
|
|
We have good news, that has nothing to do with the market price. Just been too slow in writing stuff because I want to include many details of the development plan at the same time as the good news.
I suggest that people are too concerned about short-term fluctuations based entirely on speculation. Vendor integration is the only thing that will make Litecoin more valuable in the long-term.
Again this looks like more of a price pump, again. In the time it took you to write that post you could easily tell us what the "great news" is. Lol, "This and this is happening" Wow. Took so long. Sorry for being a cynic but I've seen this all before. You are a crazy conspiracy theorist. If you read my posts, I talk about how the current network is a bit scary as the reference client hasn't been updated in almost a year. How the heck is this pumping the price? https://plus.google.com/104307324656397909502/postsThe dev's job is to fix technical problems, as our top concern is the long-term safety and stability of the network. We are being very careful in fixing and testing things. We announce things when they are ready. Little bits are increasingly being posted here. There will be more soon. When it's ready. |
|
|
|
|
We have good news, that has nothing to do with the market price. Just been too slow in writing stuff because I want to include many details of the development plan at the same time as the good news.
I suggest that people are too concerned about short-term fluctuations based entirely on speculation. Vendor integration is the only thing that will make Litecoin more valuable in the long-term.
|
|
|
|
|
Show Posts
