battmann (OP)
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Activity: 182
Merit: 100
I am a student of programming and design.
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February 20, 2013, 11:56:47 PM |
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litecoin, what is
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No Gods or Kings. Only Bitcoin
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toz
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Activity: 28
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February 21, 2013, 12:38:20 AM |
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It's a Bitcoin ripoffclone with more frequent block generation and a different mining algorithm. It aims to be "silver to Bitcoin's gold".
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Mike Christ
aka snapsunny
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Activity: 1078
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February 21, 2013, 01:12:53 AM |
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In other words, it's Bitcoin.
Except it isn't.
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toz
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February 21, 2013, 01:16:43 AM |
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In other words, it's Bitcoin.
Except it isn't.
It's kind of like if I printed my own dollar bills. They'd be exactly like real dollar bills except that nobody would take them as payment. |
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kuenx
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February 21, 2013, 01:17:10 AM |
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Litecoin uses memory-hard problems for mining instaed of processor-intensive problems.
I'm not entirely sure but I think this means that you need lots of RAM instead of many processors to complete mining tasks.
Correct me if I'm wrong.
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JoelKatz
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Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
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February 21, 2013, 01:24:53 AM |
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Litecoin uses memory-hard problems for mining instaed of processor-intensive problems.
I'm not entirely sure but I think this means that you need lots of RAM instead of many processors to complete mining tasks.
Correct me if I'm wrong.
You're correct. This makes it much harder to make an ASIC that has a huge mining advantage. I believe the thinking is that this prevents an evil conspiracy from buildings lots of super-ASICs and performing a 51% attack on the currency. But in reality, it allows an evil conspiracy to take the CPUs and GPUs they already have and use them to launch a 51% attack on the currency any time they want without having to invest in ASICs that can only be used to attack the currency and become worthless if the mining algorithm is changed. A currency with an algorithm that can be accelerated by ASICs and that is being mined by ASICs is much more secure. An attacker would have to invest more than all miners have, and if they destroyed the currency, all their money would also be destroyed. This is where Bitcoin will be in a year or two. |
I am an employee of Ripple. Follow me on Twitter @JoelKatz
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jayez
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February 21, 2013, 10:36:40 AM |
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Is there any adoption of litecoins? And what are they worth?
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barry2
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February 21, 2013, 11:03:46 AM |
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theres an exchange where you can trade in the normal mining bonds/ltc companys. https://www.litecoinglobal.comand quite a few gambling sites out there. the main use however is converting it to btc or fiat. |
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mubit
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February 21, 2013, 02:16:16 PM |
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an option
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ThickAsThieves
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February 21, 2013, 02:21:54 PM |
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While Bitcoin is what is popular, it is likely that Litecoin will end up being the "Silver" to Bitcoin's "Gold". Or, the $1 bill to Bitcoin's $100 bill.
It works very similarly to Bitcoin, and there are many services that accept it. You can also convert LTC to BTC at an exchange like BTC-E.com, thus allowing you to do pretty much anything with it.
It's much cheaper to get into than bitcoin as well.
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Pokerfan
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February 21, 2013, 02:35:03 PM |
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It's much cheaper to get into than bitcoin as well.
If I want 100 USD purchasing power in bitcoin, it will cost me ~100 USD. If I want 100 USD purchasing power in litecoin, it will cost me ~100 USD. How is ~100 USD much cheaper than ~100 USD? |
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ThickAsThieves
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February 21, 2013, 02:44:38 PM |
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It's much cheaper to get into than bitcoin as well.
If I want 100 USD purchasing power in bitcoin, it will cost me ~100 USD. If I want 100 USD purchasing power in litecoin, it will cost me ~100 USD. How is ~100 USD much cheaper than ~100 USD? That's funny, I thought to myself, someone will skewer me for saying that. Yes, $100 = $100, I'm aware. ...It's cheaper to acquire whole coins is all I meant, which is irrelevant to most people, but a psychological factor to some. |
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bexxem
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February 21, 2013, 03:03:22 PM |
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I remember the evening they opened litecoin and everyone tried to get a piece of the cake.... I think, or maybe it was some other bitcoin clone.
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mareo87
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February 21, 2013, 04:55:26 PM |
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flavius
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welcome to riches
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February 21, 2013, 08:58:21 PM |
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A ripoff.
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crime generates tenfold more money then real businesses do in bitcoin. the fact you cant accept this just makes you a kike
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