There is so much misinformation in that blog post.... jesus. I hate people spew bullshit like they're some expert and they don't have any idea what they're talking about.

This argument is quite flawed. The Bitcoin network is currently running at 5044.60 Th (or 5,044,600 Gh), compared to Litecoin's 50,250.3 Mh/s (or 50,250,300 Kh). I agree the Bitcoin network is faster than Litecoins, but this does not mean it is more secure from 51% attacks for the following reasons:

Speed needed to 51% Bitcoin: 2,572,746 Gh
Current best price per Gh for a Bitcoin ASIC: $1.93 *
Total $$$ needed to 51% Bitcoin: $4,965,399.78

Speed needed to 51% Litecoin: 25,627,653 Kh
Current best price per Kh for a 7950 (FPGAs are more expensive $ per Kh):  $0.38 **
Total $$$ needed for the GPUs to 51% LTC: $9,738,508.14

Bonus points:
1. This doesn't even include the fact Bitcoin ASICs are incredibly more effecient than GPUs, so to attack Bitcoin would require exponentially less power (which the power costs would be very expensive to attack either BTC or LTC.)

2. This doesn't even include the fact that you must buy Mobos, CPUs, PSUs, etc. to 51% LTC. Adding in these costs will also make the cost to 51% LTC go up exponentially.

3. This doesn't even include cooling requirements, which would cost much more to 51% LTC than BTC because GPUs are so much more inefficient than ASICs and thus produce more heat.

4. Due to economies of scale, if you made your own Bitcoin ASIC, the cost per Gh would go down dramatically, making it cost much less than the above number to 51% Bitcoin.

* Source: https://en.bitcoin.it/wiki/Mining_hardware_comparison
* Source: http://www.pricewatch.com/video_cards/

That's all I have time to refute for now. I'll be back later to refute some of the other (false) points he made in the blog. Maybe he should think about what he writes before acting like what he is writing are facts. This blog post is almost entirely FUD.

Thanks for doing this, it is much appreciated by all merchants and customers alike!

Cheers,

Ch

Hi Dave,

Happy (belated) Thanksgiving!

I received my RMA the other day.. thanks for that! I have a slight problem though. While waiting on the RMA request, I have found 3 more H cards that are likely bad.. they drop to 0 Gh shortly after starting the rigs.

They weren't acting up like this at first, but I feel like it wasn't my fault. I have had two box fans and two 120mm fans blowing air on them, and I also have an A/C that keeps the room under 74 degrees. I also have some electrical tape holding the cards in place, so I do not think the loss in Gh is due to them wiggling free from the fans either.

I was wondering if I would be allowed to RMA these cards as well? It would certainly be much appreciated.

Thanks,

Ch

Happy (belated) Thanksgiving! Thank you all for your support these last two weeks, it is much appreciated! I am happy to say we have shipped out over 100 coins to over 10 countries. I have been reminded by this endeavor that Bitcoin/Litecoin is such a global movement, and I am excited to see what the future brings for both!

This is kind of last minute, but today for Bitcoin (& Litecoin  ) Black Friday, there will be bulk pricing on all orders. I changed the price on the product page manually because I was having trouble getting the sale/coupon functions to work properly. After today, prices will go back to normal for the time being.

The SSL issue has been fixed. Thanks mpjetta/carnth for giving me tips on how to fix it! I had made the website before I got the SSL cert, so some images were still linked using HTTP instead of HTTPS.

Thanks again,

Ch

Paypal issues have been fixed. Still working out the kinds in the website.

If you submitted an email through the form on our contact us page, please resend a regular email through your normal email client. Of course you can simply contact me here too (I come here more often than the business email account anyways.) Spam bots have hit the Contact Us page and sent me 300 spam emails. I had to delete them all because I didn't have time to go through and see if they were actually all spam or if there were some real customer inquiries.

I'm busy with work/assembling coins through tomorrow, but I'll have some time over the holidays and weekend to try and fix things on the website such as the SSL problem and this.

My apologies and thank you!

Eh, I've got to get to work. I'll respond later.

Just so everyone knows, Pankkake runs this service: https://bitcointalk.org/index.php?topic=240677.0



There's no way to tell if he's being paid for his services at this very moment, but it is certainly a possibility.

Yes I know this, but to say it is an impossibility is silly.

It's not as easy to switch to a new PoW as you make it seem. First of all, all ASICs would be paperweights and the network would be very vulnerable to attack during the switch. Before they could get it switched, the devs would need to fix the code, users would need to download new clients and obtain majority, miners would have to get their old GPU rigs back up and running (if they still own them) and/or configure them for Bitcoin mining instead of scrypt. Simply switching to a new PoW would not neccessarily be the white knight bullet proof back up plan you seem to think it might be.

Again, this is just your opinion.

If it's so easy to do, then why don't you get a contract with the government and go for it? To setup a black list is actually very complicated. There are many ways one could launder BTC to make it untraceable. Including exchanging for another crypto currency then back to Bitcoin. Or selling Bitcoin via localbitcoins and then buying clean Bitcoins with cash. I'm not sure how you would track this, but according to you it is easy so I will await your reply.

You sir look to be the one thats butt hurt. The reason why Bitcoin is going up faster in value is simply because of the "network effect". It has nothing to do with whether it is better or worse than Bitcoin.


Yes, it is certainly a possibility, not an impossibility like you imply. If a vulnerability is found in SHA256, perhaps a Scrypt coin would become more valuable than Bitcoin because it is likely to crash in this scenario. There are a few other scenarios where I could see this happening as well, perhaps due to constricting government regulation of Bitcoin, implementation of black lists, etc.

OH, my apologies. I didn't notice the date of your post.

This statement is delusional: http://www.cryptocoincharts.info/period-charts.php?period=1-year&resolution=day&pair=ltc-usd&market=btc-e

Litecoin has just as much as a chance to go to 0 as Bitcoin has.

This statement is just that, your OPINION. It is obvious there are others that share a very different opinion of Litecoin, as can be seen in the market.

-------------------------

I like both Bitcoin and Litecoin and use both, but my honest opinion is that I prefer to use Litecoin for transactions because they are confirmed faster. BTC fanatics love to say this is also less secure than the same number of confirmations compared to a Bitcoin confirmation, which is technically true. However, after over a year using Litecoin I haven't once had any problems with the security of confirmations or been scammed in this way.

Google Chrome says there may be a problem with the SSL connection (IE doesn't show that there are any problems.. not sure about Firefox.) I'm not a web developer/designer, so fingers crossed I can figure it out on my own. If anyone has any suggestions on how to go about fixing this, any help would be much appreciated.

If you feel uncomfortable ordering from the web site because of this, I will still take orders via PM until this is fixed. Please still use the website to figure out the total costs for what you want and shipping cost.

Thank you.

Ummm. You might want to check your math. 1250 BTC is worth much more than $150,000

Yes, I PMed him telling him I hope he realized that leaving negative trust is going to effect how long it takes to pay the bounty. It will turn away some customers for sure. But it is what it is, I don't really care if he removes the negative trust or not, I have enough good trust ratings as is. Also I criticized his analysis of my thinking process when he posted "From that post he has realized that the coin business is not all about the design of the coins but trust in Private Keys and selling.  And so giving away free coins that arent loaded are hard to sell and even give away."

My point was that if people don't trust me, then they wouldn't let me handle the 1500+ BTC for my group buys. If that's not trust, then I'm not sure what is... I've done many transactions over the forums without escrow and held up my end of the bargain every time. Only once has someone required me to use escrow and it was actually a transaction I initiated yesterday, as you have added your negative feedback to my account and Carlos opened a scam accusation.

I am still a very honest trustworthy guy, I just do not have 5 BTC to pay this bounty right now. If you think that makes me a scammer, then whatever. I have stated I will pay it as soon as I can. I know you think you're helping but you're not. The thinly veiled jab at me in your post... "if I am asked about your business capabilities I will suggest they look elsewhere" ...... The truth is I have done over 2000 BTC worth of transactions for group buys and selling/buying things on the forums, ALL of it without escrow, with ZERO problems. If my personal problems (which are just that, PERSONAL, not applicable to my business) make you uncomfortable to do business with me then I understand, but don't try to push those views on others. I know you think you're helping, but honestly I can work this out with the people still in the contest on my own. I am still planning on honoring the 5 BTC bounty.

My business was not started to make money, it was started to further the adoption of cryptocoins by offering affordable services and businesses. Not because I have a huge stash of coins I want to increase in value, but because I support the original ideals of cryptocoins due to their libertarian-like nature. I do not care if I never break even because I overpaid for the design by $4000. Again, I will get the bounty paid as soon as possible. Just please chill out on the scam accusations, it hurts my ability to pay the bounty.

The website is finished and accepting orders: https://cryptovest.com/

Please visit the website for more information on the product and to see the first pictures of assembled coins. There a lot of pictures in the store on the product page for the physical Litecoin here: https://cryptovest.com/product/zinodaur-physical-litecoin

I decided to sell assembled coins as well if you do not want to assemble your own. There is still no loaded coins though, coins must be loaded by the customer. Assembled coins will come with a piece of paper with the Litecoin address and a QR code to load it. The assembled coins still come with the hologram without the window. I expect to sell loaded coins sometime in the future, they will have added security features and be easily distinguishable from the other coins.

msm595 finished the coin insert printing program. It is Casascius' Bitcoin Address program converted more for our needs to make it easier to print coin inserts for customers. It is open sourced, you can view the code here: https://github.com/msm595/CryptoVest-Insert-Generator. You may download it here: https://cryptovest.com/downloads/CryptoVest-Insert-Generator_201311231735.zip

I'm so relieved to have the website finished, please direct all orders there from now on (no orders via PM please.) The blog is broken, but I will try to fix that soon.

Thanks,

Ch

Hi everyone,

I am really sorry by the way I can't pay the bounty yet, but Bitcoin was worth something like $120 when I made the OP... now it's worth $815. I am working really hard to get some income coming in so I can get the bounty paid. Please be patient with me, it will be paid at some point. I have never scammed anyone in this community and do not plan to start now.

That being said, I decided to narrow it down to the top 5 designs so the others can use their design elsewhere if they would like.

The top 5 designs (in the order they were submitted):
ibminer
likehero
mjbmonetarymetals
acorn
zinodaur

This is a neat idea if the details could be worked out.

They would definitely be under a dollar. How far under a dollar I'm not going to speculate.. I already had to raise the price of the metal alloy coin, so I do not want to speculate on the price and have to do that with this too.

I hope your coins arrive promptly. All promotion coins that were paid for shipped on Thursday or Friday.

I am going to launch the website this weekend, it is my main priority. I am meeting up with my sister to take some pictures of the products today. She has a nice camera and is a good photographer so I think they'll look nice... much better than my phone pics.

Thanks for your support Miffman, I wish more people would be as helpful and supportive as you have been.

What do you guys think of my idea for the chocolate coins? http://imgur.com/a/LOV2K

Excuse the crap phone pics, but I decided most people will not give out chocolate coins loaded with Litecoin value to friends/family/colleagues. Simply put, IMO most people are too self centered or greedy to do such a thing. I'm not sure which one it is. So, I decided to just add a link to Litecoin.org on them.

My only concern is these are the same holograms I will be using for the loaded coins and that could pose a security issue. Perhaps I should have special holograms made for this purpose? I think with the added security features I'm adding on the loaded coins that it will not matter, but I would hate to compromise the security of the project over something so silly. Well.. I don't think it's silly to promote Litecoin of course not, but maybe what I mean to say is that I would hate to compromise the security of the project over something so avoidable.

EDIT: If want the full story why I haven't paid the bounty yet, please PM me. I originally posted it here, but I decided it is too personal to leave out in the open. Please PM me and I will send you my original post.