I think if anyone made the kind of order needed to 51% attack bitcoin, news would get out fast because supplies would dry up for all legitimate players before it could be accomplished.
Not when you are in control of the manufacturing process yourself. I know several pcb assemblers here in China that could start mass producing ASICs tomorrow and you'd never hear a thing about it. |
|
|
|
OP, you don't understand how Bitcoin works. Owning hashing power does not mean you control the network. Miners do not control the network, full nodes do. Meaning nodes which maintain the blockchain and relay new blocks and new transactions.
The only reason why 3 is bad is because it lowers the bar for one of these companies to start a 51% attack if they desired to destroy Bitcoin and their investment with it.
Miners don't control the network? Only full nodes do? What??? Sorry, but every miner out there is securing the blockchain. No one "controls" the network. Only a miner with 51% can manipulate the network. |
|
|
|
Sure, Litecoin may not be ASIC proof. However, there is debate as to whether a scrypt ASIC can actually perform any better than a GPU. Of course if an ASIC for scrypt is developed at some point in the future and proves to be radically superior in efficiency as we saw with Bitcoin, we will see the security of the Litecoin network diminish and folks will look to the next technology that can offer security. As for Litecoin's hash rate distribution, you can find those stats at www.litecoinpool.org/pools if you're interested. |
|
|
|
While the market cap of Bitcoin might be around $1 billion, it would be difficult to create a double spend and "cash-out" $7.5 million to recoup costs.
Anyone attacking the network in this manner is probably only looking to destroy the network at this point.
Yes, ASICs have unfortunately ruined Bitcoin. If you're looking for security, use Litecoin.
Explain why you think ASICs have ruined Bitcoin. I think its actually good for it. The network is being secured by fewer entities. The whole principle of Bitcoin's security is that the hashing power be massively distributed. |
|
|
|
|
While the market cap of Bitcoin might be around $1 billion, it would be difficult to create a double spend and "cash-out" $7.5 million to recoup costs.
Anyone attacking the network in this manner is probably only looking to destroy the network at this point.
Yes, ASICs have unfortunately ruined Bitcoin. If you're looking for security, use Litecoin.
|
|
|
|
|
Apparently running GPU's at full load 24/7 decreases their life expectancy. I've heard of some miners that are running their cards at over 100 degrees for months straight without any issues however. How long have you run your rigs before burning out your GPU? (Or without burning them out if you've been mining for a few years now)
|
|
|
|
Sorry for your troubles by why mention Bitcoin. Any Bitcoin miner is going to know which GPU are good for mining and anyone gamer just looking for a decent gaming GPU will hardly care. You could always be discrete "does xxx MH/s" and leave it at that.
For gamers who are aware of the fact the GPUs in mining farms run 24/7/365 @ 99-100% load mentioning bitcoin mining may actually act as a deterrent. Some people are honest and will actually tell you the truth about the item they are selling. If the odometer on a car you're buying has been rolled back, wouldn't you like to know? |
|
|
|
BTC as reserve currency and for major purchases: house, car, property, million dollar international payments. LTC for buying coffee.
I used BTC to buy a $5 steam game. It worked just as well as major purchases. Why would I want/need a second currency just to handle smaller purchases? Lower transactions fees for small purchases. Faster confirmations. Finally, believe it or not, Litecoin is actually more secure than Bitcoin at the moment when considering the cost to successfully attack the network. |
|
|
|
|
Also it's been impossible to withdraw Bitcoin...or any other coins for that matter I believe. That exchange is a joke.
|
|
|
|
No.
You cant just buy so much ASICs.
Actually, if you have $6,650,000, you could manufacture far more than 2,660, very quickly. I was just referencing BFL prices for the sake of argument. Well by that logic, couldn't someone just make a scrypt ASIC? Some people are trying to make something more efficient than a GPU and don't seem to be having much success yet. |
|
|
|
No.
You cant just buy so much ASICs.
Actually, if you have $6,650,000, you could manufacture far more than 2,660, very quickly. I was just referencing BFL prices for the sake of argument. |
|
|
|
|
With the Bitcoin network hashrate at around 133 TH/s, you would need about 2,660 of the 50 GH/s BFL miners costing $2,500 each.
Litecoin is at around 22 GH/s and would require around 36,666 of the AMD 7950 cards hashing at 600 KH/s per card and costing $300 each.
Total cost to 50% (add a little more for 51%)
Bitcoin - $6,650,000
Litecoin - $11,000,000
From a cost perspective, Litecoin seems to be more secure at the moment.
|
|
|
|
The Winklevoss twins who own 1% of bitcoins bought them when Bitcoins were in the high single digits (ie 9 dollars). When they see litecoin come on the scene and surge to $10, what do you think they and other investors are going to do? I doubt they will panic but they will be smart and some of them will want to hedge their bets and reduce their risk.
Fatal flaw there is asumption you and other "traders" are smarter than people you mentioned, e.g. you think they are stupid and haven't already invested in LTC, if they found it worth investing long-term. Put differently, if those people are not already heavily into LTC they will never be. Dream big gentlemen. We're unlikely to get another opportunity like this.
You obviously have no clue, so yes, it will be one very long and painful dream for you and alikes.  The fact is that the current situation means a continued delay, but for good reasons. We’re looking at July right now, though that depends on a few things.
And you people are buying LTC? What a bunch of retards. I find it funny too. Gox continues to show us all how they are not to be trusted and they make an announcement like this as if it is a good announcement for LTC holders. Gox is actualy very specific and gave fair info there but LTC profit-blinded horde is reading the message wrong. I'll bet you in anything that LTC price would go up slightly even if Gox comes up with info like "No, we won't add LTC to Gox, ever" because there is more than enough idiots who would read it "Yes, we will add LTC to Gox, now". I find it shocking how much one entity alone can affect prices in cryptocoin world. It reminds me of Bernanke and price changes almost instantly after he announces some info. If there are no exchanges, most here would have extreme trouble assigning value to coins they hold. That is how stupid and thus irrelevant most people here are, period. still
gox has more customers than the rest exchange
ltc on gox means potentially increase of customers and trades = ltc holders make profits
Please, if you know how to make decent profit you would never accept to sell your signature space to spammers for 0.1 BTC or so per month. What such act says about you is that you are ready to promote any damn shit to make some coins. I'm 100% sure you would add something like " LTC SUX, PERIOD!" in your signature if I give you 1 BTC per month, wouldn't you? So much about "your" opinions on making profits. I will add "LTC SUX, PERIOD!" To my signature for 1 BTC per month. I'm a crypto whore. |
|
|
|
still
gox has more customers than the rest exchange
ltc on gox means potentially increase of customers and trades = ltc holders make profits
Okay fair point. Now let's look at the other side of the coin where Gox shuts down because they are mismanaged? How does that affect the value of LTC? LTC would probably go down, but so would BTC. If Gox shut down today without supporting LTC, It would probably follow whatever direction BTC took on the news anyhow. |
|
|
|
|
No, it would be a phenomenal achievement to successfully perform a 51% attack on either Bitcoin or Litecoin. The amount of computing power required to do that is immense and would costs millions and millions of dollars to achieve.
It was confirmed by Cryptsy now that Powercoin was in fact attacked. I suspect we will see many more of these attacks on all these copy coins...they're just nowhere near being secure.
|
|
|
|
|
I just added up the hash rates of DGC pools to be 954 MH/s. Coinchoose.com is showing total network hashrate to be 719 MH/s.
This is a good indication that very few people are solo mining this, hence a simple DDoS of the pools would let someone with very little hashing power to 51% DGC very easily.
EDIT: Obviously the stats on pools aren't accurate - but an indication.
|
|
|
|
yes
Cool. Will try that. Thanks. |
|
|
|
set up a second node locally
And just use connect=10.0.0.xx in config? |
|
|
|
|
Show Posts
