A different algorithm? Does that simply mean a lower difficulty for litecoin blocks?
No, it's actually a completely different algorithm. One that is much more dependent on memory usage in order to make it inefficient on GPUs. This didn't work though as GPUs are presently the fastest way to mine litecoins. |
|
|
|
|
slowly dropping, this isn't a good sign. We are a little bit about 85 now.
I want another bubble so that I can sell at the peak next time.
Oh well, lesson learned.
|
|
|
|
Yes, it would be a huge security risk as eventually it would be so easy to generate a block that someone could generate multiple blocks at one time with their phone and double spend money.
Also there would be many more forks of the blockchain as multiple people would generate blocks at the same time and the network would have to figure out which is correct. This would result it lots of invalidated transactions. Business would have to wait even longer for the blockchain stabilize before accepting payment because they wouldn't be able to trust that a transaction is valid just because it's in a mined block.
Finally bitcoin would experience inflation at increasingly higher rates.
In short, it would be a disaster and completely kill bitcoin.
But how come litecoin transactions are much faster? Does it have lower security? No, litecoin is basically the same as bitcoin except with a different mining algorithm and the average mining time adjusted to be 2.5 minutes instead of 10 minutes. This is good and bad. The good part is that you don't have to wait as long for a confirmed transaction. The downside is that there will be 4 times as many blocks, so a much larger blockchain plus there is a greater risk of mining blocks at the same time so mining is more difficult. |
|
|
|
April 15th is not over yet, I'm not giving up hope.
 Five more hours if you go by UTC. Just like every down day we should see a slight rise maybe over $95. I was kidding, of course. If I had a ton of money like the winkleface twins, I'd make crazy predictions here on this forum. The I would manipulate the market by buying and selling millions in bitcoins to get it to exactly match my prediction. Then I would post on here and everyone would see how smart I was with my prediction. |
|
|
|
|
Yes, it would be a huge security risk as eventually it would be so easy to generate a block that someone could generate multiple blocks at one time with their phone and double spend money.
Also there would be many more forks of the blockchain as multiple people would generate blocks at the same time and the network would have to figure out which is correct. This would result it lots of invalidated transactions. Business would have to wait even longer for the blockchain stabilize before accepting payment because they wouldn't be able to trust that a transaction is valid just because it's in a mined block.
Finally bitcoin would experience inflation at increasingly higher rates.
In short, it would be a disaster and completely kill bitcoin.
|
|
|
|
|
April 15th is not over yet, I'm not giving up hope.
|
|
|
|
I think the existence of these sorts of threads proves that there won't be a crash. Everyone is loving the idea of buying cheap bitcoins, which means they won't actually fall that cheap. There is always someone else with "low" bid orders $20 above yours.
Everybody loves cheap bitcoins here because everyone here loves bitcoins! This is the bitcoin forum. You are going to get a disproportionately high amount of bitcoins lovers here. |
|
|
|
|
nice one.
you do have a point though. some people like myself have a lot of cash in their mtgox account waiting for a dip to buy.
eventually i'll figure it's not going anywhere and i'll just start buying.
|
|
|
|
|
I don't blame MtGox for the crash but they triggered it.
The bubble was bound to burst, but I think we had a little more time, days or even weeks but it would. If it wasn't for the lag from the exchange that triggered panic selling we would have seen $300 by the 15th, probably sooner. The lag popped the bubble a little pre-maturely though and we never made it to $300.
We will get there again though, it will just take a little to recover.
|
|
|
|
|
This article is a bit late.
ASICs are now available and so GPU and FPGA mining will become obsolete. They won't mine enough to cover the cost of electricity.
The price of the ASICs themselves is the limiting factor when calculating your mining profit, NOT the power they consume. Getting cheap electricity is not going to be relevant anymore.
I'd still rather mine than run a space heater in the winter. It's not like the power consumed is a complete waste.
|
|
|
|
|
No, don't sell.
There is no reason why this crash will follow the exact same pattern as before.
I seriously doubt it will get that low, and there is a good chance there will be another bubble in the not too distant.
I'd say hold, maybe even buy but don't sell.
|
|
|
|
|
It's funny, it's all about perspective.
I invested 10k, when bitcoin was at 65 at that 10k was 50k, I was ecstatic. It was an amazing return and a good amount of money.
When that turned to 200k, I was even happier.
But now two days later, when it 75k (at 100), I somehow feels like a lost a ton.
So I'm up, quite a bit, but I feel way down.
|
|
|
|
I'll sell 300 bitcoins for $250 a piece, any takers?
HA-HA No. Sad, people would jumped on that Wednesday morning. |
|
|
|
|
I'll sell 300 bitcoins for $250 a piece, any takers?
|
|
|
|
|
Doh I forgot they are in Japan. This is obviously sun spots Godzilla!
|
|
|
|
|
mtgox says its a DoS. not their fault.
There is little anyone can to do about that.
|
|
|
|
|
How long does it take to reboot a machine??
|
|
|
|
|
wait i said bull trap, i meant bear trap, change my vote, lol
|
|
|
|
|
Bitcoins have been in the news so much EVERYONE wants in.
I had old acquaintances, former bosses, and best friends ask me to buy bitcoins for them when the exchange came back today because they didn't have mtgox accounts.
There are a lot of people that want to play the game and many of them don't know what they are doing.
|
|
|
|
|
People blame gox for the crash but that wasn't it at all.
It was a bubble, it was bound to burst.
Personally I thought the bubble would last another 2 or 3 weeks, but in retrospect we should have all seen it coming due to how fast it was rising 24 hours before the crash.
The lag was just the needle that popped the bubble. The pop was coming, it just came slightly earlier due to gox. A correction was inevitable.
|
|
|
|
|
Show Posts
