2013-04-25 Litecoin is MAGNITUDES more secure than Bitcoin

[420]

Litecoin IS bullshit, just fyi.

That "bullshit" was worth 7 cents a few months ago...now going to be $4.

Made me a ton of profit.

So even bullshit can make you money.

[cdog]

Does no one see my posts? The mathematics are described in this reddit post:

http://www.reddit.com/r/litecoin/comments/1cssqr/the_math_why_litecoin_is_more_secure_than_bitcoin/

OK, same bullshit then.

You definitely either dont understand the math or cant be bothered to read it. Its fairly simple math, too.

I copy and pasted the important part for you:

"At 50% hashing power and 100 years an attacker has a 46.46% chance (6.06% for a 10 year period) but bitcoin hits both those thresholds in under 1 day. At 100 years bitcoin is vulnerable to a miner holding just 8% hashing power, while litecoin remains secure all the way up to 50%. No matter how you run the numbers litecoin remains significantly more secure -- entire worlds more secure -- than bitcoin."

Basically, owning 50% of the network doesnt mean shit for Litecoin. Owning 35% of the hashing power for Bitcoin means you have a 99% chance to successfully attack it after 1 month. When you consider who these currencies really threaten - banks and governments with billions of dollars - this is a major consideration, especially considering as how much harder it is to hash Scrypt to begin with.

[gyverlb]

Does no one see my posts? The mathematics are described in this reddit post:

http://www.reddit.com/r/litecoin/comments/1cssqr/the_math_why_litecoin_is_more_secure_than_bitcoin/

OK, same bullshit then.

You definitely either dont understand the math or cant be bothered to read it.

I don't have to. I've already read Meni Rosenfeld analysis and demonstrated elsewhere that it doesn't apply in the Litecoin context as he himself hinted in his analysis: here.

What matters for the security of a currency is the cost of an attack. Currently Litecoin is orders of magnitude less costly to attack than Bitcoin. If that's not clear enough...

[420]

Does no one see my posts? The mathematics are described in this reddit post:

http://www.reddit.com/r/litecoin/comments/1cssqr/the_math_why_litecoin_is_more_secure_than_bitcoin/

OK, same bullshit then.

You definitely either dont understand the math or cant be bothered to read it. Its fairly simple math, too.

I copy and pasted the important part for you:

"At 50% hashing power and 100 years an attacker has a 46.46% chance (6.06% for a 10 year period) but bitcoin hits both those thresholds in under 1 day. At 100 years bitcoin is vulnerable to a miner holding just 8% hashing power, while litecoin remains secure all the way up to 50%. No matter how you run the numbers litecoin remains significantly more secure -- entire worlds more secure -- than bitcoin."

Basically, owning 50% of the network doesnt mean shit for Litecoin. Owning 35% of the hashing power for Bitcoin means you have a 99% chance to successfully attack it after 1 month. When you consider who these currencies really threaten - banks and governments with billions of dollars - this is a major consideration, especially considering as how much harder it is to hash Scrypt to begin with.

how does owning 50% of network mean less for litecoin than it does for bitcoin?