Coincidence?
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So while I can make 500x LTC compared to 1 BTC the final USD value is 4x lower ..
*brainfreeze*
Hence it's better to mine BTC and buy LTC if you (really?) need them. My understanding is that it is even better to mine LTC on a GPU, i.e. the whole "CPU friendliness" of LTC is gone. It's still very easy to mine LTC on low spec CPU's. Just don't expect to be getting rich off of it. This is why the GPU hostility was so good for LTC, everyone and their grandma could make some and have fun with the whole "crypto currency" idea. Once the Bitcoin GPUs begin to migrate, that'll no longer be the case  |
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[...]
Is 2100 trillion really enough? If the GDP of the US was 15 Trillion dollars last year, and each of those dollars is divisible by 100 cents, that's a lot of 'units' (more zero's then I care to write).
Wikipedia says the total money supply in circulation of the world was 4 trillion in 2008 which had doubled from 2 trillion only 6 years prior (and had doubled from only 1 trillion 12 years before that). They don't mention the current estimated money in circulation, one could perhaps guess that it's up to 8 trillion depending on how the recession has panned out.
Maybe our incredibly large number won't stay so incredibly large for as long as we might think.
You cannot inflate btc like you can with money those dollars are fake made up from thin air ie. they just turned the printing presses on nothing backs them. Now you can say nothing backs btc either but one thing you can be certain of is no more than 21M of them will be produced no printing press to turn on here to get more. I think it will be enough for the next few decades. By then there will be all sorts of new crypto currencies, so who knows if Bitcoin will still be the primary digital currency for daily exchanges. Also, I'd keep in mind that by then, a large portion of BTC will have been lost, so 2100 trillion will never really be in circulation. Assuming no one ever breaks the encryption. It was said that everyone alive today will be dead by the time that happens  |
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However, GPU hostility is impossible to do with Litecoin, as that sort of change would create a whole new chain/network.
Just for the sake of clarity, it is possible to change the algorithm without restarting the chain, it just takes some coding. The real problem would be devising a hashing algorithm that is more GPU-hostile and ASIC-hostile than scrypt and that is at the same time immune to cryptographic attacks. Nothing is ASIC hostile. Nothing. Go read again the definition of ASIC please  I think he meant Bitcoin-purpose ASIC. ie, keep Bitcoin hardware from mining LTC effectively |
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satoshidice....
will ironically be the death of bitcoin |
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I personally like GIGAMINING and YABMC because I know the guys running them but there are many to choose from.
I, on the other hand, personally like Cognitive and Synergy, because I'm fairly acquainted with the guy running those. I heard that guy never needs to sleep. And that he's half man, half bear, half pig. |
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My Excel tells me that for Litecoins I need less Mh/s to reach a target of x USD per day revenue.
You will not get the same Mh/s mining LTC that you do for BTC on any device. Thus, mining Bitcoins on any current FPGA is more profitable, and is the sole currency people are buying FPGAs for. ie, you may get 360 Mh/s mining BTC on a 6950, but the same card will only yield 0.4 Mh/s or 400 Kh/s if mining Litecoins. I'm not even sure if the current FPGAs can run the script for LTC mining. |
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You wear a little bitcoin watch and there are "places" you swipe your watch and... bang. Food. Rent. Clothing. Take your friend on a little trip. When he asks where the money is, say your watch makes the money and they're on sale for $49.99 right now.
The watch does the mining.
That must be some sticky stuff you're smoking. |
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Right now the price I am thinking of is .8 - 1btc per square inch.
square inch, or cubic inch? |
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You have to keep in mind that the 21 million BTC limit was a purely experimental value. In hindsight it is way too low to be used as a world-wide currency, which is why you need a much higher limit if you intend of having one that people will use on a daily basis.
That is a whole number bias if .00000001 btc were worth $1 then those 1 btc are now $10M multiply that by 21M and you have hell of a big number more than enough to run the world on.. I think you're overestimating the general populace if you assume they're above "whole number bias". Although, you could mask the decimal in the transaction software by simply calling 0.00000001 BTC as a whole unit of something else (like the satoshi or whatever), where you will eventually run into the issue of the lowest possible transaction, the way the dollar currency is limited to a minimum 1 cent transaction. Let me try and work this muddle of zeros out into words. 21,000,000.00000000 can be divided into 2,100,000,000,000,000 whole units. That's 2.1 quadrillion, or 2100 trillion, or 2.1 million billion. In which case you're probably right, that seems enough to run the world on. Even if you account for the lowest possible transaction being 1 cent instead of 1 Dollar, you now have 21 trillion individual units, each divisible into "cents". If anything this "software mask" would paint Litecoin into a rather useless corner. And if Bitcoin institutions allow for instant transactions, the 2.5 minute blocks will do nothing better, except bloat the block chain history. Puzzling  |
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"Fractional-reserve Banking" is designed to fail.
I for one would love to see the Crash of a Fractional Bitcoin Lender, since there is no way to print bitcoins to bail them out.
If anything, the default of a Fractional Bitcoin Lender would increase the value of real Bitcoins.
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The government, ironically, is supposed to be a government for the people
Still believe that? Wake up, and smell the ashes. |
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I still think there is a strong argument for the 'silver' to BTC 'gold'. I wouldn't be surprised if BTC ends up being so successful that the 21 million limit in coins turns out to look rather small. Yes of course it's divisible down many decimal places, but if people really end up using it for millions if not billions of transactions, people are going to have a hard time keeping track of how many 0's they have to put in their transactions.
This is exactly why LTC needs a decimal shift while it's still early. I doubt people will use BitCoins for everyday transactions once the BTC is worth $100 or so. Again, too many zeros. If LTC had a limit of 840 million or even 8.4 billion, it could easily become a day-to-day small purchase currency. It's all about perception. I'm not going to sell my computer for 0.003 BTC, but if it were 500 LTC, that would be perceived as a fair trade. An 84 million coin limit just isn't enough to do that with. Either another currency will come along to serve that role, or LTC will shift the decimal. You have to keep in mind that the 21 million BTC limit was a purely experimental value. In hindsight it is way too low to be used as a world-wide currency, which is why you need a much higher limit if you intend of having one that people will use on a daily basis. |
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Damn Matt, this is the BEST magazine I have ever read! LOVE it! Technology, cryptography, finance, business, freedom... it has everything. Amazing work.
I am going to sign up for a subscription ASAP
I still say this whole thing is a giant con, and everyone is in on it! I'm gonna go camp by my mail box... |
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Temporary block. You are requesting too much getworks per submitted share. This can happen if you run a CPU miner or a botnet, or in certain cases with Phoenix miner. The ratio is dynamic to keep average pool effiency at a certain level, so you may try mining again later. I've been getting this over the last few days. I've been mining for months and this just started. |
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However, GPU hostility is impossible to do with Litecoin, as that sort of change would create a whole new chain/network.
Just for the sake of clarity, it is possible to change the algorithm without restarting the chain, it just takes some coding. The real problem would be devising a hashing algorithm that is more GPU-hostile and ASIC-hostile than scrypt and that is at the same time immune to cryptographic attacks. which concluded that this was a practical impossibility for an established network, i.e, it creates a fork in the chain. |
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I personally have no intention of scamming or taking the BTC and running or such That's the first thing a scammer would say. But what makes you guys believe that? how do I generate any trust? There is no "quick" solution to this. Trust has to be earned over time, and even then there are no guarantees. Also, an operation like this would require experience. Someone who just learned about BitCoin should not be starting a large mining operation as their first endeavor. And lastly, you would have to compete with the current offerings, which is tough, because there are some really good ones already out there. |
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If that were an Olympic sport, I would definitely watch  |
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