I thought litecoin was more secure., wait, litecoin Is MORe secure then Bitcoin?

[JohnnyBTCSeed]

I'm going to have to run the numbers when I get time but I'm interested to see how things have changed over the last year since coblee wrote the above quotes.

The calculations are a bit different when there are merged mined coins. Since the rewards are combined for merged mining, the security is relative to the combined value produced by the coins. For the sake of simplicity, you can ignore the merged mined coins because they add very little to the total rewards.

So question to you mr coblee, is litecoin more secure then bitcoin?

[coblee]

So question to you mr coblee, is litecoin more secure then bitcoin?

No, it takes less $ to 51% attack Litecoin than Bitcoin. But 1 confirmation on Litecoin is way more secured than 0-conf on Bitcoin. 4 confirmation (10 mins) on Litecoin is arguably more secure than 1 confirmation (10 mins) on Bitcoin because of Gabler's Ruin, but I have not done the math for that.

[JohnnyBTCSeed]

So question to you mr coblee, is litecoin more secure then bitcoin?

No, it takes less $ to 51% attack Litecoin than Bitcoin. But 1 confirmation on Litecoin is way more secured than 0-conf on Bitcoin. 4 confirmation (10 mins) on Litecoin is arguably more secure than 1 confirmation (10 mins) on Bitcoin because of Gabler's Ruin, but I have not done the math for that.

 [Thank you so much for taking up your busy time to post mr coblee]

I guess the next question naturally would be. And this is for anyone..


Is litecoin the second most secure coin? The merge mined coins, namecoin and ixcoin both contain considerable hash. Do they even come close?

[o0‡0o]

One Scrypt hash needs much more RAM and processing power to compute than one SHA-256 hash and can not be parallelized efficiently.


Cryptocoin security is dependent on:

• Strength of algorithm
• Distribution of mining resources
• Difficulty
• Network strength

Strength of algorithm:
Scrypt is so much more expensive in terms of resources to purchase.
It cost so much more money to increase attack strength in Litecoin that it becomes a very strong wall against attacks.
Hashrate is not the measurement of strength. Hashrate * Strength of algorithm is.

Distribution of mining resources:
http://blockinfo.org/ltc/pools

Difficulty:
The difficulty is lower in litecoin, but in reality litecoin is the same as bitcoin 5 years from now because of the algo strength.

Network strength:
It takes less work to get the same security in litecoin as it does in bitcoin.