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Someone was manipulating the currency this morning with 12,500 BTC. He keeps popping in and out of the buy side, raising the price.
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Is addworker broken? I added a bunch of new workers but connecting with stratum gives bad auth. Right now I have them all connected to one miner account
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Well, it's pretty easy for it to go one way or the other. It's possible someone made this bet because they have a bot running that will keep the price of LTC above 0.003 because they want to buy a bunch, plus reap the benefits of winning this bet. Most people should be intelligent enough not to touch this with a ten foot pole.
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mine litecoin  profit |
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Higher prices come with a growing economy and have nothing todo with how hard or costly something is to produce, with more miners there is no growing LTC-economy, the demand doesn't grow.
Umm..you might want to take a step back and do some research on micro and macro economics... Yup This is about where I'm gonna stop posting in the thread, it's entering the shenanigans-zone. The only other thing I have to say is that I've been mining both BTC and LTC for a few years now and as far as I can tell the price has little to do with anything that makes a lot of sense aside from the network hash rate/difficulty. Difficulty can be both a leading and lagging indicator of price. If you've ever traded equities or commodities you know that the best and easiest way to make money is to just seek out something you believe to be unvalued and hoard it for as long as possible. I'm totally happy to be mining at the low difficulty of the current LTC network because it's netting me more LTC, and I'm not spending that LTC any time soon. |
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The power usage is pretty big, 400w * 90 = 36k watts, on an industrial hookup at 0.008 dollars/w/h, that's $288 dollars a day or $3,456 in 12 days. Still, that'll be pretty small compared to the revenue they generate. We may see massive dumping into the BTC buy market in the next few weeks with these new ASICs.
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Can not take pictures because it is invisible ASIC - Stealth ASIC - Miracle of Chinese electronics. Faster than the speed of light  We have to trust their words because words are more important than the photos, Similarly to faith in god (I am atheist)  ;\ |
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Sure, the overall supply is constant, with more miners, that supply is also spread across more people. What do these people do, besides selling for BTC? I don't actually get why there are ANY buyers at all, but with more miners the number of buyers probably doesn't change. More potential sellers + same number of buyers == lower prices. But hey, dream your dream, it's all yours, it might come true someday. What do people do with gold bullion? Eat it? You hoard it until it's worth more. I think it's reasonable to assume that the more money it costs you to produce, the less likely you are to sell it. |
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So logic then says that since more miners will switch to LTC, the price will go up even higher!
So your logic is more miners == higher price? Not miners drive the price, it's supply and demand that drives the price. Demand doesn't really change so it's doubtful that there's more buyers, but with more miners, there's more potential sellers, simply because there's nothing else besides BTC that they could buy with LTC. One needs a good imagination to dream of a rising price here.  Supply is constant regardless of number of miners |
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I'm guessing that the 20 TH/s brought by Avalon will have the network hash rate up to 40 TH/s in a week or two, since anyone who has one will be mining with it.
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That's probably your problem, lookup-gap of 1 doubles the amount of memory required. Notice it's 2 in reaper. |
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thread-concurrency of 8000 works fine on my 7770 using cgminer and pulling 190kh/s. I'm not sure why it's crashing for you.
what thread-concurrency do you use with reaper?
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It's merge minable... anyone who is running a private pool probably just added it as a merge mined currency. It's free extra money if you're already mining BTC.
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High volume shows that litecoin is still a useful currency that people wish to buy and sell. I get more concerned when the price isn't changing.
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Oh, that makes sense. Thanks!
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This might be a stupid question. As I understand it, pools work on a PoW principle similar to that of bitcoin in that they hash the block header in an effort to produce a result with a number of trailing zeroes. This number of trailing zeroes is far less than required to actually claim a block on the network. This lower difficulty result is sent to the pool and the pool confirms the validity of the lower difficulty share, which results in a fractional payment.
My question is: How does the pool prevent the miner from screening the shares they generate for a large number of trailing zeroes that would afford them the whole block at the current difficulty? If a miner could do this, they could just steal blocks from the pool.
Obviously it doesn't work this way, so what was the solution?
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6990s are VERY fast LTC mining cards, they get about 900kh/s each.
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bump for a good pool that has barely any support
i routinely get 0% stales and have seen no downtime for the past three weeks
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Until ASICs actually hit, there's no real reason for LTC mining to be more profitable then BTC mining. Hence the price correction.
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Do you know why it's going down right now?
Dumping by the people who have been mining at low difficulties, followed by panic selling. Because of the recent difficulty coaster exploitation, a lot of pernicious miners entered the network hoping to make large profits mining only every other adjustment period. Their selling is depressing the price, but also decreasing the likelihood of them continuing this difficulty exploit in the future. What we're seeing is a normal price adjustment as far as I am concerned. In fact, I'm surprised it took this long. |
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