Sorry, it's not in my best interest to have a situation where I would not want LTC to appreciate in value.

I would think what I'm offering benefits both me and depositors since they get more than pirate's regular account interest (which is 3.9%) and they get a constant stream of LTC every week without having to deal with mining or buying LTC at an exchange.

I would love to accept deposit in LTC. Problem with that is if LTC appreciates in value with respect to BTC, and then if you wanted to withdraw in LTC, I would have to take a loss to buyback those LTC.

That's just another passthrough, right? With the new rates, he will likely reduce his interest payments.

What's payb.tc's system?

No, i meant 100 BTC and every week you will get litecoins equivalent of 4.5 BTC. I realize 100 BTC might be a lot for some people. So that's why I'm asking.

Litecoin Pirate Passthrough if anyone is interested:  https://bitcointalk.org/index.php?topic=91240.0

Is a minimum deposit of 100btc reasonable? Cause I would rather not deal with many small accounts.

I'm starting a pirate pass through program where you would deposit bitcoins with me. I will then deposit those bitcoins into pirateat40's BTCST program. And every week, I will pay interest in LTC. I think this is a good way for someone to accumulate litecoins and it will help increase Litecoin prices.

There's some risk with this program. If pirate defaults, you will lose your bitcoins as I'm not in a position to guarantee that pirate's program is not a Ponzi scheme. Though I believe that he's not and I have backed that belief by putting a lot of coins of my own with him. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Some info about the program:

• Deposits should be made in multiples of 50 btc
• Interest rate will be 6.5%/week.
• All depositors will be listed in this anonymized payouts spreadsheet: http://ltcppt.com
• Interests payment will be made on Mondays after pirate pays his interest.
• I will buy the litecoins on an exchange throughout the week and will average out the exchange rate for everyone. I will be fair about it, but you kind of have to trust me there.
• The interest for the first week will be prorated (in granularity of days) based on when you deposited the coins.
• In the event interest payments are lost due to exchanges being hacked or running away with coins, I will absorb the lost and the depositors will still get their interest payments.
• If you need to withdraw, just let me know. It will take me some time depending on how fast I can withdraw from pirate. Should be <24 hrs.
• Your funds may be forced withdrawn if pirate forces a withdraw on me.
• If Pirate defaults, I would not be able to return your principle to you.
• Terms are subject to change if pirate changes his terms.

For now, I have a minimum deposit amount of 50 BTC. If you are interested, please PM me with a BTC withdrawal address and an LTC interest payment address. And I will send you a BTC address for deposits.

EDIT: On 8/13/2012, Pirate is switching to a new account system. With the new accounts, I am no longer able to get 7% a week. So in order to keep the 6.5% a week payout, I will be using another passthrough. There is now an added risk of the other passthrough stealing your coins. If that happens, I would not be able to return your principle.

You can also choose the option of accepting a lower weekly return (4.5%) but have no additional risk of another passthrough. If I decide to put your coins in a passthrough, I will take on the full risk of it. So your coin is only at risk of a Pirate default. If the passthrough I choose steals the coins, I will pay them back to you out of my pocket. If you want to take this option, please let me know.

EDIT2: I will be using payb.tc's BitcoinMax.

EDIT3: Looks like Pirate is lowing his rates on 8/20. With the new rates, LTCPPT would likely pay out 4.5%. Stay tuned.

EDIT4: All deposits and interests paid out.

Currently testing the latest code and will release a new version soon. Come by #litecoin-dev on IRC freenode.net if you want to help test it.

I wanted to see what kind of website Satoshi put together for Bitcoin, so I search the Wayback Machine and got this:
http://web.archive.org/web/20090131115053/http://bitcoin.org/

It's kind of interesting reading Satoshi's own words about how bitcoins worked.
If you stumbled across this website in January of 2009, would you run this program created by this random dude named Satoshi?

EMP

I will bid 3500 LTC.

It's not that there's no demand. It's that it's too expensive for most people. Not sure how many people actually have 100k LTC. There's currently 162028 Litecoin blocks. That's a little bit more than 8 million total coins. The total market cap of Litecoin is only about $50,000. And 100k coins is 1.25% of the total coins! Think about that for a second... you need to spend 1.25% of the total coins out there to buy your silver coins.

If you sell them 1 at a time, you will probably get more buyers.

Inaba, can you comment on what happens when you slowly upgrade your FGPA Singles to SC Singles. I assume you won't be able to upgrade them all at once. I'm guessing since this is a pooled operation, you can share the extra hashrate with everyone.

I'm thinking it will go something like this. Let's say for example you have a total of 10 FPGA Singles. So there are 2000 shares outstanding. Come October, let's say you only get 5 SC Singles upgraded. So you immediately sell 233 shares of BFLS per device. 233 shares because each BFLS share represents $3 in equipement irrespective of hashrate and the SC upgrade is $700. So for the 5 units upgraded, you issue 1165 new shares and withhold 15% for yourself. That increases the total number of shares outstanding to 3165. You then have 5 fpga and 5 sc Singles mining for a week and the amount of BTC generated will be divided equally among the 3165 shares. Does that sound like the right way to do it?

To be fair, you should also send out a dividend right before the upgrade, so new owners do not get the benefit of the coins that were generated previously.

Yes, it does. I will look into it.

I've sent a few patches upstream. Well, here's one more:

https://github.com/bitcoin/bitcoin/pull/1536

Litecoin was attacked with dust spam where the attacker would send a transaction with thousands of outputs of a satoshi each. Yet, they only get charged the base fee. This fixes it by making the fee grow linearly with number of dust spam.

There's going to be a new Litecoin release soon that includes all of Bitcoin's recent fixes. Thanks to the the help from pooler and fanquake. We created a new Litecoin github project and rebranched from Bitcoin and added in all the Litecoin changes. We are currently testing the code to make sure everything still works. If you'd like to help out, come by IRC channel #litecoin-dev on freenode.net

Stay tuned.

I just wanted to say that I can vouch for Keefe. I've done multiple large trades with him online and in person.

It's definitely not illegal. If it was illegal, then every single kickstarter project is illegal.
It might not be very consumer friendly, but it's not illegal. No one is forcing you to buy their products.

If you are going to change the algorithm, you can also reduce the difficulty at the same time. Nothing forces the devs to keep the same difficulty if devs are making a change as drastic as changing the algorithm.