none of the value of BitCoins or LiteCoins exists because of miners, value exists because of buyers and the network generates coins at the same rate regardless.
Good too see you have thought through this carefully and have some well reasoned, carefully constructed arguments. its always funny when people are so clueless that their supporting arguments actually support the opposing argument. Things change meaning when taken out of context. That's a poor attack against the points I was making but flattering that I get the same treatment as many of the great thinkers of history. If you want to sell a mountain ( for the sake or argument ) what's it worth? It's worth exactly what the highest paying buyer wants to buy it for. Unless that mountain has some intrinsic value there is no real pressure for buyers to pay anything for it. Your argument appears to be that if the ownership of the same number of mountains is spread amongst a greater number of people then the mountains are worth more. You either don't get what mining is or you are trolling me. You can troll all you like but without any active developers LiteCoin is going to face some serious problems sooner or later and when they get more serious then simply copying a patch from BitCoin then LiteCoin could well be sunk. This happened before with I0Coin I think, the blockchain literally froze. So now supply and demand is one sided? Its worth what a buyer and seller agrees on. Meaning if you are offering 1$ and I am not willing to sell for 1$. No value has been established. That value will change depending on how many mountains are available (as one factor out of many). And the scarcity is indeed a complicated concept to understand. But more different sellers in a limited supply market will tend to increase value. Mostly because of opportunity cost and limited availability making it less desirable to sell at lower margin because it cannot be compensated with sale volume for total profit. In a non-limited supply, sellers will thrive to sell more at less volume. Those facts have an inverse effect approach monopoly (thus the reason why monopoly is generally illegal). But hey, if being wrong makes you feel like a great mind, be my guess, but that's not why historical great minds were challenged on their ideas. |
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If you don't want your current PSU to go to waste, you can buy another good quality low watt PSU (550-700w are roughly 1/4 of the price of 1200w PSU) and short the green and a black wire between both PSUs atx connectors. (Obviously this would only really work with a ceaseless solution and a bit more ghetto). But it does save you almost 200$ and avoids a PSU being useless.
Everything else looks good. Perhaps maybe grab an additional riser for flexibity with cooling.
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Messing around with 7870 xt (Tahiti LE), I am getting very frustrated. It performs the same at 700/1200 as 1000/1700 (giving approx value here, its always 330khs random ratios with roughly 400khs with the right ratio).
I have found the two best settings to be 1gputhread 22392 380khs 19i and the weird and best one, 2gputhread 12000 19i 415khs.
At this point I have very little faith in them being able to achieve more through conventional means. Perhaps some driver or miner updates, but I suspect there is just too much shaders for bus width, as it performs and acts very similar to 7870 Pitcairn
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Hi Team,
I'm about a week into researching Bitcoin. I really think Bitcoin has great opportunities for growth and own 203.
My question is about Litecoin...how or why is there a point to Litecoin if Bitcoin turns out to be THE cryptocurrency?
It's a HUGE deal for a site (in my mind) to say that they accept Bitcoins for payment. Why or what influence these same sites to accept Bitcoin and Litecoin?
I just don't see the point of Litecoin, because I don't understand the point.
Especially with something like Bitcoin leading the way. In my opinion Litecoin doesn't have much of an advantage for the AVERAGE person. Sure I've heard that it's faster for confirmations...but I feel that for most people those extra 5 mins or so doesn't really matter.
What are your thoughts?
I just see Litecoin (and all crypto-currencies that are clones of Bitcoin) to be a ponzi scheme that early adopters uses to buy Bitcoins. There are lots of GPU miners that no longer make profit mining Bitcoins that switched to mining Litecoin just to buy Bitcoins, how do you call it? ASIC resistant is not a feature, nothing in this world is ASIC resistant, just most costly to develop. The fact that Litecoin is "ASIC resistant" makes their network more vulnerable to attacks. I'm ok with competition but currently Litecoin offers nothing of value that Bitcoin already don't offers, and no, faster confirmations are not a selling point for me when you trade the network security for it. Maybe in a future Bitcoin could face a true innovative competitor, but at the moment i see nothing worth on the horizon. Do you realize how stupidly biased you sound? "Its not ASIC resistant. Also, since its ASIC resistant, its vulnerable." I think you read too much dumb posts and can't make an opinion for yourself so gave two opposing reasons.... Yes, i'm just stupidly biased... and yes, i only read dumb posts... Please, show a little of respect or i will report you. I said nothing is ASIC resistant or ASIC "immune", it just take more work and resources to make those ASICs. AND i said that excluding ASICs from the equation is a bad idea from Litecoin network security. Litecoin wiki reads: "Litecoin is designed to be inefficient on all common computer components (both CPUs and GPUs) meaning that a malicious entity need only produce a small batch of specialized/custom hardware to overtake all the commodity mining systems combined". Maybe you see advantages i'm unable to see, or maybe is you are smart than me. Anyway my post was only my personal opinion and i think i'm not offending anyone, much less calling stupid other people. How can you say "this is what I said" when its clearly quoted in that same message. I targeted exactly that. The fact you said nothing is resistant. Because it is resistant. Not immune. Sure your last message makes more sense and is what you should have written. However, IT IS NOT what you have written. The fact you somehow kinda wanted to dodge that should make you understand where stupid comes from. |
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none of the value of BitCoins or LiteCoins exists because of miners, value exists because of buyers and the network generates coins at the same rate regardless.
Good too see you have thought through this carefully and have some well reasoned, carefully constructed arguments. its always funny when people are so clueless that their supporting arguments actually support the opposing argument. |
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Hi Team,
I'm about a week into researching Bitcoin. I really think Bitcoin has great opportunities for growth and own 203.
My question is about Litecoin...how or why is there a point to Litecoin if Bitcoin turns out to be THE cryptocurrency?
It's a HUGE deal for a site (in my mind) to say that they accept Bitcoins for payment. Why or what influence these same sites to accept Bitcoin and Litecoin?
I just don't see the point of Litecoin, because I don't understand the point.
Especially with something like Bitcoin leading the way. In my opinion Litecoin doesn't have much of an advantage for the AVERAGE person. Sure I've heard that it's faster for confirmations...but I feel that for most people those extra 5 mins or so doesn't really matter.
What are your thoughts?
I just see Litecoin (and all crypto-currencies that are clones of Bitcoin) to be a ponzi scheme that early adopters uses to buy Bitcoins. There are lots of GPU miners that no longer make profit mining Bitcoins that switched to mining Litecoin just to buy Bitcoins, how do you call it? ASIC resistant is not a feature, nothing in this world is ASIC resistant, just most costly to develop. The fact that Litecoin is "ASIC resistant" makes their network more vulnerable to attacks. I'm ok with competition but currently Litecoin offers nothing of value that Bitcoin already don't offers, and no, faster confirmations are not a selling point for me when you trade the network security for it. Maybe in a future Bitcoin could face a true innovative competitor, but at the moment i see nothing worth on the horizon. Do you realize how stupidly biased you sound? "Its not ASIC resistant. Also, since its ASIC resistant, its vulnerable." I think you read too much dumb posts and can't make an opinion for yourself so gave two opposing reasons.... |
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I guess its already been asked, but didn't see while glancing. Was wondering if you had any intentions of having merged mining with stratum so we can pplns/MM?
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Personally I don't see how LiteCoins solve any problem that hasn't already been solved by BitCoins.
I find the ill thought out arguments in support of LiteCoins uncompelling. The often repeated 'all the miners will move to litecoins' argument is the emptiest of all as none of the value of BitCoins or LiteCoins exists because of miners, value exists because of buyers and the network generates coins at the same rate regardless. Second is the 'hour for a cup of coffee' argument used by people that have no understanding at all of how BitCoin transactions work. Third has to be the 'free market, multiple currencies are good' argument that doesn't hold water at all unless you claim that LiteCoin is somehow different to BitCoin in what it does, yet functionally it's identical and actually it's the same code with only very tiny changes.
The vocal supporters of LiteCoin are its biggest downside as well as its biggest asset. They don't always speak honestly and they love to trash talk the project that they essentially copied.
On the plus side at least LiteCoins don't have SolidCoin style central control or a pre-mine.
What determines value is indeed buyer and seller. But the nature of those terms seem to eclipse you. A seller will sell at a price that compensates for the difficulty of obtaining the sellable asset (commonly that could be physical effort, mental effort, time, investment, risk, difficulty to obtain/availability). So yes, miners do dictate the price to some extent. I say to some extent because nowadays, there is coins in the wild that may be obtained through different means, but the fact stays that mining is still currently a major source. The more we approach 21mil bitcoin, the less difficulty has an influence, but it coincides extremely well with adoption being an exponential uptrend. Both lite coins and bitcoins are affected by those factors, and miners being the heart of crypto, those GPUs moving will have a strong influence on adoption. Its already too far along for abortion. |
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Noticed that just about everyone on this thread is using Windows, except for Grover who had a few Linux questions. As someone thinking of building a LTC rig, why is everyone using Windows instead of something like BAMT, Linuxcoin, or Debian?
Thanks,
simplicity. |
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i finally got my 7970s working at 740+ KH/s it is now running for few hours, they were crashing at the start till i got the right voltage with the right Freq. i have 3 rigs which has 5x 7970 and 2x 5970 and 6970 i am pulling a total of 5700 Kh/s , i use around 2400 W/h for all rigs together so this puts me at 2.375 h/w, for the rig where i have 4 x 7970s it runs about 3000 kh/s and consume about 1100 w/h so it is about 2.72 h/w which is some how fear , the 7970 temp are around 55 C° with 3 C° ambient , i have all fans running at 85%.
the only thing i hate about the cards i have are the fans , they are a sapphire Dual-x, each card has 2 fans , and they are really shitty fans , they are around 6 months old, they were used only for mining (btc , now LTC) and 2 fans in different cards has already failed, for that reason i do not recommend this model , sometimes i wish if i bought the reference cards as my 5970 are and 6970 are reference cards and they were heavily used but didn't have any problem with them yet.
care to share or just wanna brag? |
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Anything after 3 cards needs powered extenders. That will solve your problem.
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negative 5 cents, people will be paying you to accept bitcoins  All jokes aside we could see it slipping back to any of the following: 5c, 7c, 10c, 25c, 50c. As we get more sevices supporting litecoin and more users the price will organically grow. Honestly the recent spike from 7c to 70c was all manipulation, unfortunately many new LTC users took the bait and bought heavily at 70c due to being assured that they would see $1 next week. Take care and remember, anyone encouraging you to buy or sell is most likely waiting on the other end of that deal to make their trade. after the fork the 3 major alts kind of just went nutty. They are now slowly coming back down to there they should be. While bitcoin is at least getting more popular and more useful in the world, the alts have mostly remained the same speculative coins that they always have been. Litecoin went DOWN with the fork. It was around 60c went down to like 35c with the fork. Then back up once btc price also recovered. Get your facts straight. |
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Like the logo, weird looking nipples.
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I was actually gonna buy whole, but as I seem to understand you are looking to perhaps charge a premium for "ready to run" for someone who doesn't have the ability? (Nothing against that at all, just as you suggested, that has little value to me) But if you want to give me a ballpark, I'll definitely consider if its below new range.
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so here i'm still with same probelm.  i waited for more then 3 minutes.. (about a hour) and still saying [2013-03-20 16:18:18] Error -1: Getting Device IDs (num) you mentioned also this coed: 2013-03-20 16:18:21: Listener for "cgminer": .. this one i cant see there just that one above I also wanted to install that ADL library you send me link, but after i uzip it icant find any executable file.. there is just html, wuth some documentations about adl, not an 100% sure but it should open automatically if you have catalyst, if not you direct device manager driver update to that folder. |
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Funny how you are the one mentioning accuracy.....
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I'm sure everyone agrees with you on this one and that you are keeping your whole lot of credibility and your blatantly contradicting posts with these really weightless deflections.... Happy for you really.
Sarcasm
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Notice that I didn't say a specific number (like 10.21%) implying its an estimation. In fact, it could be 40% and your post would still be 100% (not an estimation) retarded.
So instead of deflecting questions, you should take the time you use to Google my public totally non-anonymous profiles to somewhat formulate meaningful posts in your own thread.
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See, your comeback is even worst than the rest, considering the difficulty 3 days ago was merely -10% (and actually the same as in like 2 days). So explain to me (seriously, please do ) how all your bullshit makes sense with a 10% difference.
Mr. Aucoin, the difficulty 3 days ago was than 10% less. I can not trust your claim when you credibility and unable to do simple math functions, it surprises me you know what a percentage is. With that said, Mr. Aucoin, I ask of you to click that yellow Ignore button of mine to stop that irony that you seem to have noticed I've created. of course. http://www.litecoinpool.org/chartsI guess you are right and the charts are wrong. |
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See, your comeback is even worst than the rest, considering the difficulty 3 days ago was merely -10% (and actually the same as in like 2 days). So explain to me (seriously, please do ) how all your bullshit makes sense with a 10% difference.
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