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1  Economy / Collectibles / [RAFFLE] Charlie Lee signed Lealana 10LTC ICG MS68 coin | Ception inside | 64/64 on: Today at 06:25:09 AM

Up for raffle today is a 10LTC coins graded MS68 by ICG. The labels of these coins are signed by me.
There are a total of 8 of these signed 10LTC coins. I will not sign any more Lealana coins.
When I did an auction for one of these last week, it went for 80 LTC!
https://bitcointalk.org/index.php?topic=5141491.0

To make this fun, I'm also including a couple acrylic Litecoins as prizes. These are made by Mike Caldwell!
See this tweet: https://twitter.com/SatoshiLite/status/999314970939609088
Thread about it in 2011: https://bitcointalk.org/index.php?topic=53596.msg653081#msg653081




1st PRIZE
Signed Lealana 10LTC ICG MS68




2nd PRIZE
Acrylic Litecoin with an acrylic ring of binary digits that Mike Caldwell made for his 1000btc coins




3rd PRIZE
Acrylic Litecoin with a normal white foam ring




Available Tickets:

TABLE_A_(1,2,3,4)TABLE_B_(5,6,7,8)TABLE_C_(9,0,a,b)TABLE_D_(c,d,e,f)
1111
2222
3333
4444
5555
6666
7777
8888
9999
000_GlooBoy0
aaaa
bbbb
cccc
dddd
eeee
f_RAFFLECEPTIONf_RAFFLECEPTIONf_RAFFLECEPTIONf_RAFFLECEPTION



PPT: 1.25 LTC (0.0143BTC). This is 1/64 of 80 LTC.
Ticket Limit: None, take them all if you'd like.
Pay To: > MUUMVtkeTn7gF1xJ2EuhJKBe7nGMkbstgT (36wPo5EPfVxxHEHWM9p8Q64rYMMJM15r6Y for BTC) <
Shipping: Included worldwide. Shipping from USA Winner is liable for any and all customs/VAT costs.


How we'll play:

Pick one of the available tickets from the tables above. Each table represents a possible first character that can come up in the hash of a freshly minted Litecoin block while the characters inside the table represents a possible 2nd character. Once all tickets have been taken (and paid for) I'll select 3 consecutive Litecoin blocks that will be mined in the near future and use those for reference. The first character decides which table (column) wins while the 2nd character decides who inside that table (row) holds the winning ticket. One ticket can win several times!

To participate, send payment to the address (LTC or BTC). Make sure NOT to send LTC to the BTC address!
Reply with your txid and table and spot. Happy to choose a random spot for you also.



Good luck!

2  Economy / Collectibles / [Auction] HIGHER GRADE! ICG MS68 Casascius 1 BTC (Series 1 & 2) and 5 BTC (S1) on: May 18, 2019, 05:39:57 AM
After getting a baseline price for my MS67 coins (https://bitcointalk.org/index.php?topic=5142846.0), I'm now auctioning 3 ICG MS68 Casascius coins. I'm the original owner of these coins. Bought them straight from Mike Caldwell (Casascius) around 2012 and kept them in my safe until recently when I got them graded by ICG.

NOTE: I may still have some MS67 graded versions of these coins. If you are interested in those, send me a PM. (6.2BTC for the 5BTC coin and 1.37BTC for the 1BTC)

Lot #1 – Casascius 2012 5BTC Series 1 (error) ICG MS68



Lot #2 – Casascius 2011 1BTC Series 1 (error) ICG MS68



Lot #3 – Casascius 2011 1BTC Series 2 ICG MS68


Auction Terms:

Bid Format:  Bids only in BTC: #1 XXX
Auction Ends: Wednesday, 22th May 2019 @ 23:59:59 UK Forum time https://www.timeanddate.com/countdown/generic?iso=20190522T235959&p0=2422&font=cursive
No Sniping: Each bid in the final 15 minutes adds 15 minutes for that lot until no bid has been made on that lot for 15 minutes.
Excluded from Bidding: I may exclude/disqualify bidders, or require a deposit, for any bidders at my sole discretion. If you are a brand new account, or have issues in your trust feedback, please PM prior to bidding.
Forum Downtime: If the forum goes offline in the final 4 hours of the auction I may extend the auction at my discretion.
Shipping: Ships from US. Registered shipping is included. Item will be shipped after full payment has been received.

I accept payment in BTC to this address: 36W3BgKC4pQt2vTMPCWXCjhi4RzZkxhrGp

I will NOT DM you asking you to pay to another address, pay to address in OP only.

Let me know if you have any questions.
3  Economy / Collectibles / [Auction] Casascius 1 BTC (Series 1 & 2) and 5 BTC (S1) ICG MS67 graded coins! on: May 14, 2019, 04:18:40 AM
I'm auctioning 3 Casascius coins graded MS67 with the new ICG labels with the series in the mint mark and the denomination in the top right corner.

Lot #1 – Casascius 2012 5BTC Series 1 (error) ICG MS67
https://casascius.ludvigart.com/?search=1Cte26Ap


Lot #2 – Casascius 2011 1BTC Series 1 (error) ICG MS67
https://casascius.ludvigart.com/?search=18q6dn1D


Lot #3 – Casascius 2011 1BTC Series 2 ICG MS67
https://casascius.ludvigart.com/?search=1KiNU9dJ


Auction Terms:

Bid Format:  Bids only in BTC,  #1 XXX
Starting Bid:  Face value of the coin. 5BTC/1BTC  Bid Increments:  1/100 of face value. 0.05 for 5BTC coin. 0.01 for 1BTC coins.
Auction Ends: Friday, 17th May 2019 @ 23:59:59 UK Forum time https://www.timeanddate.com/countdown/generic?iso=20190517T235959&p0=2422&font=cursive
Sniping: No, each bid in the final 15 minutes adds 15 minutes until no bid has been made for 15 minutes
Excluded from Bidding: I may exclude/disqualify bidders, or require a deposit, for any bidders at my sole discretion. If you are a brand new account, or have issues in your trust feedback, please PM prior to bidding.
Forum downtime: If the forum goes offline in the final 4 hours of the auction I may extend the auction at my discretion
Shipping: Ships from US. Registered shipping with insurance is included. Item will be shipped after full payment has been received.

I accept payment in BTC to this address: 36W3BgKC4pQt2vTMPCWXCjhi4RzZkxhrGp

I will NOT DM you asking you to pay to another address, pay to address in OP only.

Let me know if you have any questions.

EDIT: I'm the original owner of these coins. Bought them straight from Casascius around 2012 and kept them in my safe until recently when I got them graded by ICG.
4  Economy / Collectibles / [Auction] Charlie Lee signed Lealana 25LTC & 10LTC ICG MS68 graded coins! on: May 10, 2019, 12:56:45 PM
I got some of my Lealana 25LTC & 10LTC coins graded by ICG. The labels of these coins are signed by me. There are a total of 5x 25LTC coins and 8x 10LTC coins. I have no plans to do any more of these. The 10LTC are the first issue ones with the bump in the back behind the hologram.

The grades came back MS69 and 4x MS68s for the 25LTC coins and 2x MS69s, 5x MS68s, and 1 MS67 for the 10LTC coins. I'm keeping the MS69s for my own collection.

For this auction, I'm auctioning off one MS68 of each coin. Here's your chance to get your hands on a unique collectible.

Lot #1 – Lealana 25LTC ICG MS68 w/ Lealana COA
https://blockchair.com/litecoin/address/LSGVzzLYn8gfTNhN9ot1oAiT5Ym2PgUDQB


Lot #2 – Lealana 10LTC ICG MS68 w/ Lealana COA
https://blockchair.com/litecoin/address/Len7AGdmUK9oHB4g3s6LJoiQjpR96VEhq6


Auction Terms:
Bid Format:  Bids only in LTC,  Lot 1 @ XXX
Starting Bid:  Face value of the coin. 25LTC/10LTC  Bid Increments:  0.1 LTC
Auction Ends: Wednesday, 15th May 2019 @ 23:59:59 UK Forum time https://www.timeanddate.com/countdown/generic?iso=20190515T235959&p0=2422&font=cursive
Sniping: No, each bid in the final 15 minutes adds 15 minutes until no bid has been made for 15 minutes
Excluded from Bidding: I may exclude/disqualify bidders, or require a deposit, for any bidders at my sole discretion. If you are a brand new account, or have issues in your trust feedback, please PM prior to bidding. 
Forum downtime: If the forum goes offline in the final 4 hours of the auction I may extend the auction at my discretion
Shipping: Ships from US. Shipping with insurance is included. Item will be shipped after full payment has been received.

I accept payment in LTC to this address: MC3PSyJhV1KDrW6XGLLyaEBNq9FFW8LrD7

You can also pay in BTC to this address: 36W3BgKC4pQt2vTMPCWXCjhi4RzZkxhrGp
Can figure out the equivalent in BTC after the auction

I will NOT DM you asking you to pay to another address, pay to address in OP only.

Let me know if you have any questions.

EDIT: I'm the original owner of these coins. Bought them straight from smoothie around 2013 and kept them in my safe until recently when I got them graded by ICG.
5  Economy / Collectibles / [WTS] Unfunded Casascius 1000BTC 1oz gold coin to celebrate gold parity! on: March 03, 2017, 11:18:25 PM
I made a reddit thread a while back about a coin set I had:

https://www.reddit.com/r/Bitcoin/comments/5lvjjr/check_out_my_casascius_1000btc_gold_coins/

These don't have BTC in them but they are my most prized possession.

User throwawaydev400 made an offer I couldn't refuse to sell him 1 coin. We agreed on a price of 14 BTC about a month ago. We met in person today for the trade. And amazingly BTC price just broke gold parity. What a momentous occasion.

Thought I'd share.


EDIT: Currently selling for 14 BTC
6  Economy / Goods / [WTS] 600 BFL Chip Credit on: July 11, 2013, 11:22:23 PM
Looking for $10 per chip credit. PM me with offers. Thanks!
7  Alternate cryptocurrencies / Altcoin Discussion / [LTC] Litecoin Core Development Fundraising on: May 25, 2013, 08:35:30 AM
Purpose: To generate funds to help pay for core development work.

As you are probably familiar, the Litecoin-qt/litecoind client has not seen a release in some time. We are currently working on a new version of the software that will bring it current with the Bitcoin code base.

We have a number of developers who are highly skilled and motivated to work on this project. Work has commenced to carefully review and convert patches against Bitcoin v0.6.3 to create a clean rebase upon v0.8.x.  Once this is complete, we’ll need to do extensive testing and some additional documentation.  After the client is modernized and the network is upgraded, we have exciting plans to further improve the Litecoin protocol.

These operations take time and unfortunately a number of our developers must necessarily split time between paying projects (i.e. their day jobs) and this important work to better ensure the long-term safety and security of the Litecoin network.

It is for this reason that we are requesting donations to help fund this development work.  Funds will first be used to reimburse core infrastructure hosting expenses before being divided amongst the developers.

LTC: LRNYxwQsHpm2A1VhawrJQti3nUkPN7vtq3
BTC: 1KD5tt1p3mdZH8DDXeEwdsJNpiwUZCfzkF

Thank you,

The Litecoin Development Team
aspect
coblee
face
pooler
thrasher
warren
8  Economy / Goods / Selling Casascius coins and BitBills on: May 09, 2013, 05:11:13 AM
I'm selling some Casascius coins and BitBills:

2011 1BTC (Series2)
2012 5BTC (Series1 error)
2011 25BTC (Series1 error)
100BTC Gold-plated bar (Series1 error)
100BTC Gold-plated bar (Series1 error redeemed)

A set of BitBills (20BTC, 10BTC, 5BTC, 1BTC)
 - 45 btc

PM if interested. Price includes fully insured shipping. If you purchase in bulk, I will entertain offers.
9  Economy / Marketplace / Auctioning off some rare casascius coins and bitbills on: April 30, 2013, 12:21:56 AM
If you are interested in getting your hands on some rare physical bitcoins, check out my auctions:

30x Series 1 1BTC casascius coins: https://bitcointalk.org/index.php?topic=186198.0

30x Series 2 1BTC casascius coins: https://bitcointalk.org/index.php?topic=188630.0

25BTC and 5BTC casascius coins: https://bitcointalk.org/index.php?topic=191279.0

Rare set of BitBills: https://bitcointalk.org/index.php?topic=191292.0
10  Economy / Auctions / AUCTION - RARE set of BitBills (20BTC, 10BTC, 5BTC, and 1BTC) on: April 30, 2013, 12:05:04 AM
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

I am auctioning off a full set of BitBills: 20BTC, 10BTC, 5BTC, and 1BTC.
These are very rare collector's items. I believe they were the first physical bitcoins ever made. They even came before casascius coins.
The bitbills are intact and have been kept in my safe since I got them almost 2 years ago.
I make no guarantee that if you cut the private keys out, you will be able to redeem the bitcoins.
As far as I know, no one has had any trouble redeeming bitbills.
But if you are bidding on this auction, you likely want to keep these intact as collector's items.

The public addressed for these 4 bitbills are:
http://blockexplorer.com/address/1h6tSi7H1wgCP3ogBKPxESwejaxjBG7Tq
http://blockexplorer.com/address/1MQjzqi4NXnXZZRzADNX7cijKqKekaVSff
http://blockexplorer.com/address/1Lmm1yiDu2VnNQZmZKSvMXCBXez3ZqKkZ7
http://blockexplorer.com/address/14bEcpGrqhr8XbJ1LDaFFT8KADPUrqNb8z

Pictures:
http://i.imgur.com/HtEJUzNh.jpg
http://i.imgur.com/s6UpxcUh.jpg

The starting price of the auction will be 40 BTC. Please bid in increments of at least 1 BTC.

The auction will end in a week on May 7th 9:00 PM GMT. Each valid bid will delay the end time by another hour.

When the auction is over, I will PM (GPG signed) the winner an address (or post here publicly if that's what the winner prefers) and I expect payment promptly (2 days).
I will offer to the next highest bidder in case of non-payment. The bitbills will be shipped and insured to the winner within 3 business days.
If you want to do the transaction in person (at Bitcoin2013 or something), I just ask for a 10% deposit until we meet and complete the transaction.

My bitcoin-otc rating: http://bitcoin-otc.com/viewratingdetail.php?nick=coblee
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11  Economy / Auctions / AUCTION - 25BTC and 5BTC (Series1) Casascius coins on: April 29, 2013, 11:51:54 PM
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

I am auctioning off 2 coins: a 5BTC casascius coin and a 25BTC casascius coin. Both of these are Series 1 coins.
So the hologram has the misspelled "casacius" and the public address is printed on the hologram

The starting price of the auction will be 35 BTC. Please bid in increments of at least 0.25 BTC.

The auction will end in a week on May 6th 9:00 PM GMT. Each valid bid will delay the end time by another hour.

When the auction is over, I will PM (GPG signed) the winner an address (or post here publicly if that's what the winner prefers) and I expect payment promptly (2 days).
I will offer to the next highest bidder in case of non-payment. The coins will be shipped and insured to the winner within 3 business days.
If you want to do the transaction in person (at Bitcoin2013 or something), I just ask for a 10% deposit until we meet and complete the transaction.

Mike Caldwell verified that he did indeed sell me a bunch of coins last year: https://bitcointalk.org/index.php?topic=186198.msg1936260#msg1936260
My bitcoin-otc rating: http://bitcoin-otc.com/viewratingdetail.php?nick=coblee

Some pictures of these 2 coins:
http://i.imgur.com/yJ2qBOwh.jpg
http://i.imgur.com/qAR7y00h.jpg
http://i.imgur.com/nZF4Q5ih.jpg
http://i.imgur.com/zizaOuFh.jpg
http://i.imgur.com/kD571HBh.jpg

Also check out my other casascius coin auctions.
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12  Economy / Auctions / AUCTION - 30x 1BTC (Series2) Casascius coin on: April 26, 2013, 08:54:01 PM
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA512

See this other auction thread for my auctioning of 30x Series1 1BTC casascius coins: https://bitcointalk.org/index.php?topic=186198.0
This auction is for a tube (30 coins) of the Series2 1BTC casascius coins. They will come in a square coin tube like this:
http://www.amazon.com/Square-Half-Dollar-Coin-Tubes/dp/B004DB1K2E
Series2 coins do not have the error spelling and has the address showing through the window in the hologram.

I bought these from Mike and put them straight into the coin tube and kept it in my safe.
So the condition of the coins should be mint, but I have not opened the tube so I don't know if the coins have tarnished at all.

The starting price of the auction will be 33 BTC. Please bid in increments of at least 0.25 BTC.

The auction will end in a week on May 3rd 9:00 PM GMT. Each valid bid will delay the end time by another hour.

When the auction is over, I will PM (GPG signed) the winner an address (or post here publicly if that's what the winner prefers) and I expect payment promptly (2 days).
I will offer to the next highest bidder in case of non-payment. The tube of 30 coins will be shipped and insured (free of charge of course) to the winner within 3 business days.
If you want to do the transaction in person (at Bitcoin2013 or something), I just ask for a 10% deposit until we meet and complete the transaction.

Mike Caldwell verified that he did indeed sell me a bunch of coins last year: https://bitcointalk.org/index.php?topic=186198.msg1936260#msg1936260
A picture of my coins: http://i.imgur.com/gVF4izf.jpg
My bitcoin-otc rating: http://bitcoin-otc.com/viewratingdetail.php?nick=coblee
If you know me, you know that my reputation is on the line. If you really want escrow, I might consider it, but the buyer would need to pay for all the fees.
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13  Economy / Auctions / AUCTION - 30x 1BTC (Series1) Casascius coin on: April 24, 2013, 08:42:13 AM
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

I bought a bunch of Series 1 & 2 casascius coins from Mike Caldwell more than a year ago. And I'm interested in selling some of them for bitcoins.
I thought about selling them one at a time on ebay, but that seems like a lot of work. Plus I would have to give a huge cut to ebay and paypal.
So I'm trying to see if auctioning them would work well. Not sure if I will regret this as I've seen them go for >$2000 each on ebay:
http://www.ebay.com/itm/Casascius-Bitcoin-Minted-in-Sept-2011-Version-1-With-Error-/181115649401?pt=US_World_Coins&hash=item2a2b557d79
If you win this auction, maybe you can turn around and sell them on ebay to make a profit.

This auction is for a tube of 30 series 1BTC casascius coins. They will come in a square coin tube.
I found that the half dollar coin tube fits 30 of these coins really well: http://www.amazon.com/Square-Half-Dollar-Coin-Tubes/dp/B004DB1K2E
I bought these from Mike and put them straight into the coin tube and kept it in my safe.
So the condition of the coins should be mint, but I have not opened the tube so I don't know if the coins have tarnished at all.

The starting price of the auction will be 30 BTC. Please bid in increments of at least 1 BTC.

The auction will end on May 1st 12:00 AM (right when April becomes May). Each valid bid will delay the end time by another hour.

When the auction is over, I will PM the winner an address (or post here publicly if that's what the winner prefers) and I expect payment promptly (2 days).
I will offer to the next highest bidder in case of non-payment. The tube of 30 coins will be shipped and insured (free of charge of course) to the winner within 3 business days.

I can have Mike Caldwell verify that he did indeed sell me a bunch of coins last year. My bitcoin-otc rating: http://bitcoin-otc.com/viewratingdetail.php?nick=coblee
If you know me, you know that my reputation is on the line. If you really want escrow, I might consider it, but the buyer would need to pay for all the fees.
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14  Bitcoin / Bitcoin Discussion / Paddy Power odds on bitcoin value at the end of 2013 on: March 22, 2013, 09:08:28 PM
http://www.finextra.com/News/FullStory.aspx?newsitemid=24665
http://www.paddypower.com/bet/novelty-betting/current-affairs/bitcoin-betting/Bitcoin-value-at-end-of-2013-4993413.html

I wished they accepted bitcoins. A 10/1 odds for btc price less than $100 at the end of the year is a no-brainer bet for those holding bitcoins.

And of course no sane person would take the 9/4 bet on btc price higher than $500 as buying bitcoins would make more sense.
15  Alternate cryptocurrencies / Altcoin Discussion / coblee will be at Bitcoin 2013 conference! on: March 18, 2013, 07:29:47 PM
I will be at the Bitcoin 2013 conference (http://www.bitcoin2013.com) this May in San Jose.
They've invited me to be on the panel to talk about alt chains. (http://www.bitcoin2013.com/bitcoin-2013-panelists.html)
If you are also going, come say hi.
16  Bitcoin / Mining speculation / When will we get a network hashrate of 1 petahash/s? on: February 15, 2013, 02:36:29 AM
Seems like ASIC miners are about 50x more efficient than FPGA miners in both $/hashrate and $/watt.
50 * the current network hashrate of 24 terahashs/s is 1.2 petahashs/s. So when will we get there?

Note: a petahash is 1000 terahash
17  Alternate cryptocurrencies / Altcoin Discussion / Here's why no one was GPU-mining Litecoin from the start on: February 13, 2013, 01:48:38 AM
When GPU mining Litecoin became a reality, people kept spreading FUD that ArtForz and/or I have been GPU-mining Litecoin from the start.
Let me put this issue about GPU-mining from the start to rest once and for all.
I will use cumulative difficulty to figure out how much hashpower has been working on a chain since the start.

There's going to be a lot of math here. First read up on this:
https://en.bitcoin.it/wiki/Difficulty#What_network_hash_rate_results_in_a_given_difficulty.3F
https://github.com/litecoin-project/litecoin/wiki/Mining-hardware-comparison

Here are the current state of things:
Code:
Current difficulty: 20.794
Number of hashes to solve a block: DIFFICULTY*pow(2,32) = 89,309,034,556.95
Seconds per block: 2.5 * 60 = 150s
Theoretical network hashrate (in mhash/s): DIFFICULTY*pow(2,32)/pow(10,6)/SECONDS_PER_BLOCK = 595 mhash/s (~2000 average GPUs)

Litecoin was launched on 10/13/2011 03:00:00 at block #3:
http://explorer.litecoin.net/block/dec173dda2735ff11376b68bdfda804cede230c1fa6f1a11765cddfd8edf4398

We can calculate how much hashpower has been put on the chain since the start using cumulative difficulty.
Let's check a recent block 294537 found on 2/12/2012 03:00:00
http://explorer.litecoin.net/block/a065026ba50a71e1d4979e078265dc9ccf15d0b393969cd35ec4c954bf2c22fb
You can see the cumulative difficulty on the block explorer page.

Code:
Cumulative difficulty: 2,421,540.599
Number of hashes: DIFFICULTY*pow(2,32) = 10,400,437,678,641,250
Time since start (in seconds): 2013-02-12 - 2011-10-13 = 488 days * 24*60*60 = 42,163,200 s
Theoretical network hashrate (in mhash/s): DIFFICULTY*pow(2,32)/pow(10,6)/TIME_SINCE_START = 246.67 mhash/s (~1000 average GPUs)

So we average about 1000 GPUs working on the chain. In other words, if you had 246.67 mhash/s pointed at the chain since launch, you'd have found just as many hashes.

Now, here's what you all wanted to know. How much hashing power was pointed at the chain during the first week.
Here's block 14807 found at 10/20/2011 03:00:00:
http://explorer.litecoin.net/block/6fcf032b2edfd3e06ee6cace9ed9b6c219d8dca06fa1f43a47cb1c5b7f87084f

Let's do the same math:

Code:
Cumulative difficulty: 438.193
Number of hashes: DIFFICULTY*pow(2,32) = 1,882,024,604,336
Time since start (in seconds): 7 days * 24*60*60 = 604,800 s
Theoretical network hashrate (in mhash/s): DIFFICULTY*pow(2,32)/pow(10,6)/TIME_SINCE_START = 3.11 mhash/s (~100 average CPUs OR 10 average GPUs)

A month later. Block 31011:
http://explorer.litecoin.net/block/7b08a3bfb5f2a865fc0061f6e3f5b97fa1690c8d357ccd814fd9f55641f83187

Code:
Cumulative difficulty: 5,949.565
Number of hashes: DIFFICULTY*pow(2,32) = 25,553,187,100,426
Time since start (in seconds): 31 days * 24*60*60 = 2,678,400 s
Theoretical network hashrate (in mhash/s): DIFFICULTY*pow(2,32)/pow(10,6)/TIME_SINCE_START = 9.54 mhash/s (~300 average CPUs OR 30 average GPUs)

After 3 months (http://explorer.litecoin.net/block/55d1323fa4d7175953fab43ef97c0ef18577d8f000e494740ccc867d42fe67f5), average hashrate is 18 mhash/s. You can do that math yourself.


Seems like the normal growth of a CPU-only (at the time) coin to me.

ArtForz had 24 5970s. 5970s can do 750 khash/s. If he put those 5970s on mining Litecoin, he would have 18 mhash/s, which is twice the work done on the chain in the first month. Litecoin was put on the exchange pretty quickly and mining litecoins was pretty profitable even with a CPU. If ArtForz had GPU scrypt mining from the start, would he not put those machines on mining Litecoin and make a killing?
18  Alternate cryptocurrencies / Altcoin Discussion / Proof of Activity Proposal in Litecoin on: August 21, 2012, 11:42:01 PM
I came up with an alternative Proof of Stake proposal that I might consider implementing for Litecoin:
https://bitcointalk.org/index.php?topic=102355.0

Please replay to that thread if you have thoughts on the proposal. And reply here if you have thoughts about why we should or should not implement this in Litecoin.
19  Bitcoin / Development & Technical Discussion / Proof of Activity Proposal on: August 21, 2012, 11:38:34 PM
Proof of Activity Proposal

I'd like to put out a alternative Proof of Stake proposal that I'm calling Proof of Activity or PoA for short. The problem with the few PoS proposals floating out there right now is that there's a lot of extra network traffic and block chain bloat to propagate and store all those signatures. With PoA, there's no need for stakeholders to sign all the signature blocks. Instead, one stakeholder is randomly chosen (and evenly distributed by coins held) to be the lucky representative of that block. And only he gets a chance to "sign" the block. If he signs the block, he will get a reward for it. And in the case of a "51%" attack, the fork that has a more aggregate difficulty and signature blocks wins out. That's the general idea. I will explain the details below.

Random Evenly Distributed Stakeholder

The reason why using random evenly distributed stakeholders works is because if the attacker does not have a huge stake, chances are he will not be selected in the blocks he generates. So his blocks will be unsigned. It would be harder for him to mount an attack against the real network with signed blocks. So in order for the attack to succeed, the attacker must have a huge hash rate and a huge stake.

The hash of the previous block is a random enough value that every node knows and can be used to select the "lucky" stakeholder for the next block. But in order to make this work, we need to be able to pick the random stakeholders with an even distribution and every node must be able to verify which is the correct stakeholder for the next block.  If person A has 200 coins spread out in multiple addresses and person B has 100 coins spread out in multiple address, person A should be exactly twice as likely to be selected as person B to be the stakeholder for the next block. One way to do is to figure out all unspent outputs and randomly pick one with an even distribution. You can mod the previous block hash by total satoshis ever produced up to this point,  and have the remaining value deterministically pinpoint an address from a ordered list of all unspent outputs.

Another way (not sure if easier are harder to calculate) is to have the mod of the previous block hash deterministically pinpoint a single satoshi from a coinbase transaction. Then follow that satoshi as it travels from transaction to transaction until it reaches an unspent output. Then that output address will be selected as the next stakeholder. You can do this deterministically. Since the initial satoshi picked from a coinbase output is evenly distributed, the eventual selection will be evenly distributed also. I can explain more if people are interested in how this will work.

Note that when nodes get a new block, they can start calculating the next stakeholder right away. And when the next block is announced, they just need to check to make sure that the block contains the right stakeholder. So even if calculating the next stakeholder may be a cpu intensive calculation, it won't affect node performance much because it can be done asynchronously. And it's not a new vector for a DoS attack. Though initial block download will be slower when it verifies each stakeholder of a block.

Rewarding Proof of Activity

The easiest way to reward PoA stakeholders is to send them coins in the coinbase. Stakeholders and miners will split the 50 generated coins in the coinbase transaction. I think giving stakeholders 10% (5 coins) is a good enough amount to entice stakeholders to sign the block yet not take away too much from the miners. This number is up for debate.

We could dynamically increase/decrease this ratio based on how many stakeholders have signed previous blocks. For example, we can do it during the diff retarget and try to reach of target of 50% signed blocks. If there are less than 50% signed blocks in the previous 2016 blocks, then pay the stakeholders more in the next 2016 blocks. And vice versa.

Block Signing

Block signing is achieved by spending the PoA coinbase output. When the selected stakeholder spends that coinbase output, he is effectively "signing" that block. He is telling the network that he agrees that this chain is the true chain.

In order for this to work, stakeholders must sign the block within a certain window. Because signing a block from a month ago really does nothing to protect the network. So we want to make these coinbase transactions expire after a certain period. Let's say 120 blocks for now, but that's adjustable. So if the stakeholder broadcasts a transaction to spend the coinbase output after 120 blocks has passed, this transaction will be deemed invalid and will be rejected by other nodes.

Unclaimed PoA coinbase outputs can be reclaimed or just left as is and considered part of natural coin destruction that happens. Note that due to coin destruction, there will be blocks that are unsignable. This happens when we randomly select a stakeholder address that is lost.

Best Chain

Signed blocks should have a weighted value that is more than unsigned blocks when trying to figure out the best chain. Currently we are doing sum(diff) and the chain with the larger sum(diff) wins. With PoA, signed blocks would be counted X times the normal diff value. If we choose X=2, then signed blocks would be worth twice as much as unsigned blocks with respect to calculating the best chain. So a chain with 6 signed blocks is "longer" than a chain with 11 unsigned blocks of the same difficulty.

I'm proposing we use X=5. The reason why I chose 5 is because if we assume that on the real network we have half the blocks signed, then an attacker with no stake would need 75% of total network hash rate in order to perform the "51%" attack. The way to calculate this is if the network hashrate hashes 10 blocks and half of those blocks are signed, then the strength of chain is 5 (unsigned) + 5*5 (signed) = 30 effective blocks. The attacker needs to match that hashrate with unsigned blocks, so he needs a hashrate that can produce 30 blocks in the same time when the main network is producing 10 blocks. 30 / (30 + 10) = 75%.

There's an attack vector where lucky stakeholders might withhold their signatures in order for them to try to perform a double spend. They could hash in secret and find a block with their signature. When they do, they send a transaction to the real network that they plan to double spend and then release their fork which will be "longer" due to their signed block. The solution to this is to allow a signature (only found in one fork) to also be used to sign the signature block on the other fork if applicable. For example, if both forks have the same signature block (i.e. the fork happened after it) and the signature is only found on one fork, then both fork gets 5xdiff for that signature block.

Another attack vector is the attacker can mine blocks until they find a block that hashes to something that will select themselves as the next stakeholder. When they find that block, they keep it a secret and then start building their fork on top of that block and include their signature transaction. This way, they can launch a double spend with a large stake and only ~15% of the network hash rate. A solution to this is to increase the weight of the signed block based on how deep the signature transaction is in the block chain. So the attacker is forced to build more blocks on top and needs to outpace the main network's blocks, which would likely have more signatures.

Conclusion

Proof of Activity provides the benefit of Proof of Stake without the added network traffic and block chain bloat. It makes it harder for an attacker to perform a "51%" attack. In order to perform a successful attack, he would need a huge hashrate and a huge stake.

The nice thing about this proposal is that you would only need to change 5 things:
- Nodes need to calculate and verify next stakeholder
- New coinbase output for PoA
- PoA coinbase spends will mark blocks signed
- Invalidate transactions that are trying to spend expired PoA coinbase
- New best chain calculation

It would of course be a chain forking change that needs to be scheduled for sometime in the future.

Thoughts?

EDIT: Thanks a lot to iddo for helping me flesh out this proposal.
20  Alternate cryptocurrencies / Altcoin Discussion / [ANN] Official Litecoin shared domain litecoin.net on: July 27, 2012, 03:54:09 AM
I'm announcing that I'm opening up litecoin.net to be used as a shared domain. I think it is beneficial to group all useful Litecoin services/tools under one domain.

This is not a land grab. If you are not providing a useful service or if you currently don't have the service ready yet, I will not approve the subdomain. If it's a work-in-progress, do PM me and I will let you know.
This is first come first served. For example, if you are the first one to provide a mining calculator at calc.litecoin.net, the next mining calculator (even if it's a much better one) will need to use a subdomain that's probably not as easy to remember.

There are 2 special domains (possibly more) that will not be first come first served: forum.litecoin.net and wiki.litecoin.net
Since these will be seen as the "official" forum and wiki, I would need to be sure that I can trust the operators. So if you are interested in operating the "official" forum or wiki, send me a PM.

A few requirements
- should be a Litecoin related site... duh!
- should be a free service/tool useful to the Litecoin community. businesses should just get their own domain.
- should not refer to Litecoin as LiteCoin <- this is my pet peeve Smiley
- should not have other altcoin related services/tools because I am not endorsing any other alt chains. Though Bitcoin is ok.
- wallets, exchanges, and pools are not allowed. you should get your own domain. I'm not in a position to deem any site as an official wallet, pool, or exchange.
- basically any site that holds users' litecoins are disallowed mainly due to me not wanting to be held responsible if users lose their litecoins for any reason.
- use a subdomain name that sort of describes your site. for example, I'm not going to approve awesome.litecoin.net no matter how awesome your site is.
- do not claim that your site is the "official" site unless you ok'd it with me.
- do not have excessive ads. I realized that ads are useful to help pay for hosting and such, but if your site is filled with ugly flashing ads, I will not approve it.

So if you have a service/tool that you would like to serve up at *.litecoin.net, sign up here: http://freedns.afraid.org/subdomain/edit.php?edit_domain_id=813116

Here are some I have in mind:

explorer.litecoin.net - block explorer (Someguy123 plans to move abe.liteco.in over)
address.litecoin.net - address tools (Greedi plans to move address.liteco.in over)
calc.litecoin.net - mining calculator
source.litecoin.net - already forwards to GitHub
download.litecoin.net - already forwards to GitHub downloads page
charts.litecoin.net - price, hashrate, pools charts
watch.litecoin.net - something similar to bitcoinwatch.com
faucet.litecoin.net - litecoin faucet
p2pool.litecoin.net - p2pool node
electrum.litecoin.net - Electrum server

Please feel free to discuss projects you have in mind.


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