Quoting the LiteCoin Wiki RE: confirmations needed:
"The Litecoin blockchain differs from Bitcoin in that it generates blocks every 2.5 minutes on average (four times Bitcoin's rate). This means that merchants who accept transactions only 1 block deep get that confirmation quicker. However, it should be noted that more blocks are required to achieve the same amount of confirmation strength as Bitcoin (6 blocks of litecoin are not equivalent to 6 blocks of bitcoin)"
The faster speeds of these coins only matter if the buyer is not concerned confirmation strength.
For equivalent confirmation strength, WDC FTC BTC and LTC all take the same amount of time {{ based on my understanding ; experts please chime in and tell me if I'm wrong ! }}
So someone's eventually going to have to change the algo. But the fact that the transaction CAN go through in less time, even if it's not confirmed is still an important bonus. I'm sure they can deal with a little less confirmation as to not wait a whole hour for a full confirm such as with BTC |
|
|
|
Why on earth would WDC, a new and obscure coin that is a fork of a fork, replace LTC - a well established coin ?
Similar to the failed FTC and CNC, it offers nothing new.
Fast transactions times are a myth. An LTC trade can be trusted after only 4 confirms but a WDC trade would require 40 or more.
During the "boom days" of a coin as hash rate is increasing, blocks are also processed at an unrealistically fast speed.
Once difficulty fully adjusts, the coin will become much slower and anyone who cares about their money (i.e. any merchant or exchange) will want to wait for 40 confirms
bitcointalk has been fortunate that none of the scam sellers are sophisticated enough to fake confirmations
Actually, the base target time is 15 seconds, so the difficulty should adjust to keep that time...and atm it's right on track... Why do you say we'd need 40 confirms though? |
|
|
|
can no longer log into dontmineme any assistance?
Having the same issue. Click "Login", Then click Home. It will load everything up |
|
|
|
no real innovation, just faster. kinda sad how there not even trying anymore
That's actually a huge improvement  One of the biggest issues with Bitcoin is that fact that it can take 10 or more minutes to do anything, and even longer to actually comfirm a transaction that was made. Even Litecoin makes you wait 2.5 minutes. 15 seconds allows people to use crypto much like a credit/debt card. Enter info, wait a few seconds, Payment complete. Yes, atm, it's a minor fork, but It can go places if the Devs stay committed to it. As bad as it's been these past few weeks, we should still try to give the things a fighting chance Hopefully the Developers will build upon this and make the coin a worthy competitor to it's parent coin, or maybe it will fail. Only time will tell. (Plus, the launch was fine, the name is professional enough that a tech-illiterate won't dismiss it (ChinaCoin, Yacoin (sry, it's true )), and the developer seems to at least be paying attention to what's happening) Regardless, may the best coin(s) win P.S. What coins do you support then? Honest Question. |
|
|
|
does anyone actually like worldcoin?
I loved it because the transfer is as quick as blink of eyes!
I like it.  love it, its about time we had real world transaction speed, hate waiting 1-4hrs for confirms for bitcoin Seriously, this is great. Transactions are sent, confirmed, and received in less than a minute  Orphans at launch aside, it's wonderful that I can get a transaction over with without having to stare down my computer for an hour (BTC) or even 10 minutes (LTC) |
|
|
|
ok, its time to start spamming exchanges with emails, i belive there are enough people here to get the petition accepted. Dont slack people, 5 emails a day from each of us will make them pay us attention
coin is like 1 day old... At least wait a week before it hits any large exchange @_@ |
|
|
|
|
Anyone still solo mining?
200kHs worth going back to it at this difficulty?
|
|
|
|
Still interested in buying 1000PWC per 1 LTC, or send an offer.
PWC? |
|
|
|
I can't believe people think this is a GOOD coin...
The coin offers no new features/innovations, it is literally a copy/paste coin. The claim of being the first "instant transaction" coin is also garbage, other coins have had 15 sec (and shorter) block times (with better orphan/reject rates I might add). The majority of people are getting orphans/rejects and quite a few of us (myself included) have been mining since ~10 minutes after launch and have yet to receive a single valid share because the dev started the coin with base difficulty (which is only complained about on EVERY coin launch thread MANY times per day).
Great coin. Love it...
Eh, we'll see what happens. So far I haven't seen a successful coin with such a low interval block gen rate, but we can give it a shot |
|
|
|
need some help.. still getting new blocks but no reward! maybe something wrong in my config or cmd? config: rpcuser=x rpcpassword=x rpcallowip=127.0.0.1 rpcport=11082 port=11081 daemon=1 server=1 gen=0 maxconnections=100 addnode=173.16.119.230 addnode=173.16.94.167 addnode=68.232.186.235 addnode=71.201.163.216 addnode=98.193.75.196 addnode=71.86.91.187 addnode=63.175.158.121 addnode=82.8.158.89 addnode=188.194.8.221 addnode=183.62.232.93 addnode=124.188.83.171 addnode=72.222.208.81 addnode=89.10.226.206 cmd: cgminer.exe --scrypt -s 1 --expiry 1 --queue 0 -o http://127.0.0.1:11082 -u xx -p xx --worksize 128 --thread-concurrency 1600 --lookup-gap 2 -g 2 -I 13 Keep trying, it's really luck of the draw. If still, try lowering the scan frequency in settings or pushing the gpu a bit harder (careful, too high and it crashes (no damage)) What's your hashrate if I might ask |
|
|
|
what do i put for server if i want to solo mine client
http://worldcoin.in/how-to/mining-solo/rpcuser=***USER*** rpcpassword=***STRONGPASSWORD*** rpcport=11082 daemon=1 server=1 gen=0 testnet=0 listen=0 maxconnections=100 |
|
|
|
Thanks for the pool |
|
|
|
what intensity are you guys running at? im running 20 should i lower it?
Depends on a number of factors, such as model, clock speeds, threads, SP, etc. I personally can't push my 5770 past I 16 without risking a crash, but play around with yours for a bit. If it can run for a few hours like that at a reasonable temperature, you should be ok. Also note, Higer != faster. There have been a few times (particularly with Freicoin) where pushing the Intensity past a certain level just lowers the hash rate, and eventually crashes the radeon drivers |
|
|
|
The change in the OP is slightly confusing, if I updated my local client to 0.0.2-2 a couple of days ago, do I need to update again?
The download link points to a copy of 0.0.2-2, so it looks like nothing has changed except when an upgrade to 0.0.2-2 is mandatory.
It is confusing and for that I apologize. We took the exact same source code and changed the cutoff block to earlier (block #28336). The new binaries replaced the old binaries at the same URL. So download the binary again, and install it again overwriting the old files. Lol, that's bound to cause some confusion Hopefully it all turns out for the best |
|
|
|
lots of rejects.. another junkcoin? About to give up....? I dunno
Don't, the difficulty is getting higher, you should be finding some blocks now. I am What are you setting in cgminer? I'm running two 7970 with 1.324 Mh/s and still getting all rejects! try lowering the scan rate in settings, use 1 second. Works wonders |
|
|
|
Would someone please put up a pool?
Seconded. Please.  I thought my luck was horrible, yours is far worse  . Ditto You have my condolences |
|
|
|
lots of rejects.. another junkcoin? About to give up....? I dunno
Don't, the difficulty is getting higher, you should be finding some blocks now. I am |
|
|
|
Two hour without getting even an orphan.
You're doing it wrong. What im doing wrong? I have only 8 fucking conecctions with the router open to 11082 and 11081 and no firewall and no antivirus. rpcuser=x rpcpassword=x rpcallowip=127.0.0.1 rpcport=11082 port=11081 daemon=1 server=1 gen=0 maxconnections=100 addnode=173.16.119.230 addnode=173.16.94.167 addnode=68.232.186.235 addnode=71.201.163.216 addnode=98.193.75.196 addnode=71.86.91.187 addnode=63.175.158.121 addnode=82.8.158.89 addnode=188.194.8.221 addnode=183.62.232.93 addnode=124.188.83.171 addnode=72.222.208.81 addnode=89.10.226.206 minerd -o http://127.0.0.1:11082 -a scrypt -u x -p x -s 5 -t 4 CPU Mining? I'd say try lowering the scan rate, but a low hash rate could be it 200khs Oh, Maybe give cgminer a try? Using it with my 5770, getting 200kHs and I've gotten about 5 blocks now that the difficulty is more reasonable |
|
|
|
Please do not start at zero difficulty (0.00024414 to be precise, which is the default start difficulty of litecoin). I know you're hoping to get rich quick but here's why you should not do this: 51% attack.
All someone has to do is build a tool that will mine valid blocks using GPUs as quickly as possible without asking the network if the blocks are valid or not (except the first one). Then you periodically broadcast your attack chain to the network without caring at all about the longest chain seen by your client from the network. As long as the chain is valid this will work.
With the difficulty at the default of 0.00024414, all you need is 0.00024414 * 2^23 * 10 = 10.5 MHash/s to be able to mine 10 blocks per second (the equation is difficulty * 2^32 * blocks_per_second = hashrate_required). I have noticed usually the network is only able to go 2-5 blocks per second because of network latency, and nearly everyone is getting 95%+ orphans thus wasting their hashing power. So at 10 blocks per second an attacker would have absolutely no problem mining faster than a network that's having a laggy orphan-fest. And 10.5 MHash/s is cheap... quite a lot of people have that or more. You might even be able to pull off this attack with just 5 MHash/s as long as you can build your chain faster than the legit network can.
If your new or upcoming coin uses scrypt the above tool will be able to attack your coin! I don't even think there's any need for the tool to be modified for new coins in order to work, it just needs to grab your genesis block and then go nuts producing blocks as fast as it can, periodically broadcasting its chain to ensure if you use checkpoints there's a high chance you'll checkpoint the chain it's produced. It might need some tweaking knobs for commonly changed parameters like the difficulty retarget period, number of coins per block, etc. It's also quite possible this tool could be made by using a simple proxy wrapper around the *coind server to censor data coming in to ensure it's not aware of other chains but the attacker's chain. This ensures the attacker will be able to jump on your new coin an hijack the chain as soon as you launch.
If anyone can prove that the above tool cannot be created, I am all ears. Please quote source code or something as proof. But as far as I know I am correct and it's possible to perform this attack provided the difficulty is low enough.
TL;DR New altcoin authors, please stop using the default litecoin starting difficulty. Please use a sane value such as 0.25 or 1.0 as the starting difficulty. Otherwise a 51% attack can easily steal all your and your early adopter's coins! Checkpoints will not foil this attack!
+1 |
|
|
|
Two hour without getting even an orphan.
You're doing it wrong. What im doing wrong? I have only 8 fucking conecctions with the router open to 11082 and 11081 and no firewall and no antivirus. rpcuser=x rpcpassword=x rpcallowip=127.0.0.1 rpcport=11082 port=11081 daemon=1 server=1 gen=0 maxconnections=100 addnode=173.16.119.230 addnode=173.16.94.167 addnode=68.232.186.235 addnode=71.201.163.216 addnode=98.193.75.196 addnode=71.86.91.187 addnode=63.175.158.121 addnode=82.8.158.89 addnode=188.194.8.221 addnode=183.62.232.93 addnode=124.188.83.171 addnode=72.222.208.81 addnode=89.10.226.206 minerd -o http://127.0.0.1:11082 -a scrypt -u x -p x -s 5 -t 4 CPU Mining? I'd say try lowering the scan rate, but a low hash rate could be it |
|
|
|
|
Show Posts
