LTC needs to be well maintained and with many supporting vendor integration tools if is to have any chance of long-term growth in its fundamental value. People need to use it as an actual medium of exchange for commerce instead of the manic-depressive speculation vehicle it currently is. In support of this goal, it seems logical for large holders of LTC to donate a small portion to a long-term development effort if they want the rest of their holdings to have a better chance of growing in value. More important than the holders of LTC are the exchanges of LTC. They are the ones currently making profits from LTC trade. They have an interest in the network being better maintained and the client more stable, because if chain accidents happen they can potentially be defrauded of a significant amount of money by double-spending theft.
And yeah, I totally agree with this. However, if the people who actually have a large stake in LTC don't care about the coin anymore, then I don't see why anyone should. I'll tell you right now, if someone else made a new clone coin by porting scrypt to the 8.1 client, I'd wager it would immediately take off due to LTC's stagnation. Here's one of the typical pump-and-dump scam clone coins. You will notice in this chart that the early miners made thousands of BTC with this pump-and-dump scheme, which triggered a massive increase in hashrate as more idiots piled on. As soon as the difficulty was too high and the price had plummeted, the coin fully collapsed with not enough miners to sustain confirmations. The leadership of this scam then tried to lure back miners with the promise of BTC bounties, which helped them to push it along slowly toward a smaller difficulty drop introduced in a mandatory hardfork client update. Even after the adjusted client they are again now stuck with falling hashrate, the scam now having fully run its course. The miners don't care about the long-term safety of the network. So it would make no difference for the scam coin to be based on 0.6.x or 0.8.x. The miners don't, but as you stated above, the exchange operators, mining pool admins, and merchants do. And that is what is needed to have a successful coin. The miners will go wherever the profitability is. Which is increasingly, not litecoin. |
|
|
|
LTC needs to be well maintained and with many supporting vendor integration tools if is to have any chance of long-term growth in its fundamental value. People need to use it as an actual medium of exchange for commerce instead of the manic-depressive speculation vehicle it currently is. In support of this goal, it seems logical for large holders of LTC to donate a small portion to a long-term development effort if they want the rest of their holdings to have a better chance of growing in value. More important than the holders of LTC are the exchanges of LTC. They are the ones currently making profits from LTC trade. They have an interest in the network being better maintained and the client more stable, because if chain accidents happen they can potentially be defrauded of a significant amount of money by double-spending theft.
And yeah, I totally agree with this. However, if the people who actually have a large stake in LTC don't care about the coin anymore, then I don't see why anyone should. I'll tell you right now, if someone else made a new clone coin by porting scrypt to the 8.1 client, I'd wager it would immediately take off due to LTC's stagnation. |
|
|
|
 this pool is great due to this great feature...if it worked. I cant be awake all day and night to change configurations in rig and check Profitability. keep up the good work. G well it's obviously a beta idea being tested. But it seems to work a bit as my minions switched from wdc to mnc at least once, as I have a balance of both on my account now. As a test I stopped/started my stratum proxy server and it looks like they're still working on mnc. edit: nvm the stats on the page seem a little lagged, they're working on wdc now. Maybe as a workaround I'll just throw a script into a cronjob to have my stratum proxy restart every hour. It's definitely changing at least sometimes, index2 says WDC now and iptables is on port 3342. |
|
|
|
this pool is great due to this great feature...if it worked. I cant be awake all day and night to change configurations in rig and check Profitability.  keep up the good work. G My sister got married over the weekend (for which I had to travel) and I don't currently have access to my miners to test this, unfortunately. It should be fully operational by the end of next week. |
|
|
|
* Largely but not entirely refused. pooler said he "won't refuse" a small portion, and in my opinion he deserves it, especially after things like spending hours of his time to figure out how many competing pools were being cheated. Your comments to the contrary in #litecoin suggesting that the pool was stealing from its miners was offensive, especially when you are a competing pool operator that would gain from spreading FUD. Yes, a single CPU miner could fake a 35MH/s GPU farm when the pool was failing to check the difficulty correctly and you have a modified mining client. (I'm guessing it didn't even need to do scrypt. I didn't look at those details myself.) Yes, I agree with you now that I've analyzed the code myself, and I apologize for the accusatory tone I took when I started talking in the channel. However, if instead of calling me an idiot and ridiculing me, you had given me the two sentence explanation that I came to myself (and of which you were obviously aware), the conversation likely would have gone quite differently. What didn't really agree with me was the use of the word 'fake' in the original 'announcement' (which wasn't really an announcement, and was lacking necessary transparency). The vulnerability does not, in fact (to my understanding), allow submission of fake shares, only valid shares with an artificially low difficulty. If this is incorrect please feel free to add details in the thread I started for the vulnerability. |
|
|
|
Per the following post ( https://forum.litecoin.net/index.php/topic,4002.0.html) on the litecoin forums, a few pools have reportedly been attacked by miners exploiting this vulnerability. The vulnerability in the viperaus fork of stratum-mining (and possibly others) allows miners to submit extremely low difficulty shares that will be considered valid by the pool because the difficulty calculation is off by a factor of 2^16 (65536). Thanks to Skyfall on the Litecoin forums for posting the patch: |
|
|
|
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". Hey Warren, I also joined the community fairly recently. Unfortunately, your reply doesn't really address my point (and in some ways reinforces it). Don't get me wrong, I think it's great that there are new people who are motivated to work on Litecoin and are willing to do so for free, in their spare time. I have donated my own resources to LTC by providing a fee-free mining pool for people to use. My concern is that the original developers lack either the desire or motivation to work on the coin. This suggests to me that they themselves do not have a meaningful stake anymore; If they did have a large stake and just did not have the time to work on the coin then it would be easy for them to simply to use some of their LTC to pay someone to work on the coin. But this 'asking for donations' bit confuses me. It seems like anyone who truly believed in LTC and mined it from the beginning should have quite a bit of it, and therefore there should not be a reason to ask the community who are already giving their resources to donate. |
|
|
|
why is port 7777 in WDC and im still mining MNC?
As I said earlier, I think established TCP connections aren't being mathced by the rule. |
|
|
|
Hi,
Newbie miner here with LTC. I registered for the pool a couple days ago and successfully submitting blocks but my stats show nothing. I expected it would take 48h or so to propagate, and it's been longer than that so far.
When can I start seeing my stats?
What's your username? |
|
|
|
|
I'm confused as to why there are donations needed for LTC development. If LTC is the "one true altcoin" and you guys (the devs) have been mining since release then you should have plenty of LTC sitting around to sell off and pay yourselves with.
Or have the devs cashed out all their coins for BTC and fiat already?
It's a legitimate question; if the devs are not invested in their own coin then why should the community believe in it? Is this why the coin has lost 30% of its value relative to BTC in the past month?
|
|
|
|
Concerning SXC pool: I am wondering how Are you going to handle those random x3 and x50 blocks?  Good question, I hadn't thought about it. First it would be nice to make such blocks visible in stats, and as for splitting the income maybe some additional incentive to the lucky one who has found it? Just a thought Yeah, the code doesn't really support splitting the extra income, so I'd have to make some changes to support that. It would be fairly easy to highlight those blocks and provide a bonus to the finders, though. I'll look into that. |
|
|
|
As promised, the first adult site that accepted SexCoin will be announced soon. More to come after that. If you have website and want to adopt SXC, feel free to pm me, still plenty of bounty available for early adopters. How wonderful it is! Waiting for the site to be announced. I heard it's hairymanass.com |
|
|
|
Lol, wow people are fucking stupid.
What is this the 10th or 11th altcoin this month?
Way more than that. |
|
|
|
|
I lean heavily toward hyoshi's analysis, except that I don't waste my money on Starbucks.
|
|
|
|
|
selling 10k @ 1.15 LTC per 1k.
Thanks.
|
|
|
|
Ltc is overpriced , most people hope that will make fast profit if mtgox adopts it , but i dont see the demand for it.
I don't see how LTC is overpriced and BTC isn't. in both cases you are looking at their potential value. Anyone else think BTC is the better investment ATM? growth wise LTC could expand way more IMHO From any outsider/newbie's point of view, BTC, LTC, and all the scamcoins are basically equivalent. BTC has a small (~2 year) head start on vendor acceptance. That's all. |
|
|
|
Transactions confirmed before you even initi-
confirmed. |
|
|
|
I'm moving my stratumproxy server to hit you on port 7777, I love the idea so I don't have to manually edit my proxy script  I will never turn down boobies. |
|
|
|
Concerning SXC pool: I am wondering how Are you going to handle those random x3 and x50 blocks? Good question, I hadn't thought about it. |
|
|
|
|
Show Posts
