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Author Topic: BTC is useless now.  (Read 13696 times)
Simran
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March 20, 2013, 04:56:20 AM
 #81

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.

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March 20, 2013, 05:26:50 AM
 #82

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/charts

I guess you are right and the charts are wrong.
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March 20, 2013, 05:42:51 AM
 #83

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/charts

I guess you are right and the charts are wrong.

It's still more than 10% on that chart.  Roll Eyes Learn2Calculate

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March 20, 2013, 05:47:11 AM
 #84

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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March 20, 2013, 06:03:45 AM
 #85

Quote
author=matauc12 link=topic=154649.msg1645823#msg1645823 date=1363758431]
Nosidn'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.

You didn't estimate, "considering the difficulty 3 days ago was merely -10%" and that can equal up to 40%? Okay, let me put that into perspective

Ex. "Hey guys, I contribute a MERE 10% hashrate to the network... oh I forgot to mention, that MERE 10% is actually 40%.. I can calculate accurately!"

I didn't say it was 10%, I said it was more than 10% and it was. Go off now, no need to justify anymore.

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March 20, 2013, 06:05:49 AM
 #86

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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March 20, 2013, 06:07:44 AM
 #87

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

You don't know the definition of accuracy. You're talking precision, not accuracy. Think they're the same? pls.

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March 20, 2013, 06:24:28 AM
 #88

Funny how you are the one mentioning accuracy.....
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March 20, 2013, 06:45:06 AM
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Can a Mod just fuckin ban Simran...

He's causing severe damage to the part of the brain that processes intelligence...
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March 20, 2013, 08:03:00 AM
 #90

You don't have to reward different tasks fairly compared to others. Just fairly between everyone. There is not really a NEED for faster transactions than what is already under 1hour, it IS good enough.

The hardest thing to achieve for cryptocurrencies (or just currencies) is adoption and scarcity. Bit coin (and growing litecoin) have that advantage vs whatever isn't invented yet.

Unless there is a very real problem that something else can fix, its not true that its gonna get replaced for minor improvements.

I do believe the two can coexist, one being of lesser value, tighter parity and faster, the other one being "the face and name of cryptocurrency" achieving more scarcity and adoption than everything else currently.

Again, keep in mind this are only my own suggestions for improvements. Any project involving a larger group of people, what a rewrite from scratch most likely be would include other and more different improvements.

And then for something to be improved upon there doesn't has to be a desperate need for - just an advantage. What I often say in this respect, most likely further innovation will not come out of this community because of cargo cult mentality and herding  behavior you are demonstrating. To that effect Bitcoiners probably will still think they gonna be the new wealthy elite until it is too late. When this community gets wind of it the project which made Bitcoin useless it will already be magnitudes larger. But once acceptance settles it will be literally over night.
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March 20, 2013, 08:41:59 AM
 #91

Simran,

Is there a decent Litecoin SPV client yet, or is the Litecoin client going to suffer inevitably when people use the blockchain for, you know... these things called transactions...

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March 20, 2013, 11:56:16 AM
 #92

Simran,

Is there a decent Litecoin SPV client yet, or is the Litecoin client going to suffer inevitably when people use the blockchain for, you know... these things called transactions...

LOL Litecoin can handle way more transactions than Bitcoin can. Like people on the Bitcoin side bitch about SatoshiRoulette spamming the blockchain, that same same "spam" on the Litecoin side leaves us unaffected.


You don't have to reward different tasks fairly compared to others. Just fairly between everyone. There is not really a NEED for faster transactions than what is already under 1hour, it IS good enough.

The hardest thing to achieve for cryptocurrencies (or just currencies) is adoption and scarcity. Bit coin (and growing litecoin) have that advantage vs whatever isn't invented yet.

Unless there is a very real problem that something else can fix, its not true that its gonna get replaced for minor improvements.

I do believe the two can coexist, one being of lesser value, tighter parity and faster, the other one being "the face and name of cryptocurrency" achieving more scarcity and adoption than everything else currently.

Again, keep in mind this are only my own suggestions for improvements. Any project involving a larger group of people, what a rewrite from scratch most likely be would include other and more different improvements.

And then for something to be improved upon there doesn't has to be a desperate need for - just an advantage. What I often say in this respect, most likely further innovation will not come out of this community because of cargo cult mentality and herding  behavior you are demonstrating. To that effect Bitcoiners probably will still think they gonna be the new wealthy elite until it is too late. When this community gets wind of it the project which made Bitcoin useless it will already be magnitudes larger. But once acceptance settles it will be literally over night.

I absolutely, positively agree. Smiley 

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March 20, 2013, 01:14:35 PM
 #93

Simran: No offense, just a guess: you own a lot of litecoins, and is spreading FUD about bitcoin because you then hope the price of litecoin raise?

Bitcoin is a great piece of software for it's time, and it being open source was very helpful. There have been a handful of developers that have taken an advantage of this opportunity to create their own cryptocurrency. Although Bitcoin being the first and dominating currency at the moment, it still suffers from some flaws, or rather features. Along came a crytocurrency called Litecoin, it being based off the Bitcoin source, had some tweaks made to it. Bitcoin using SHA256, this coin [litecoin] uses the algorithm called sCrypt. Aside from that, the confirmations for this coin are faster than Bitcoins. This is a big advantage for merchants(Aside from the current features Bitcoin already offers). Silk Road was another event/service that helped the rise in Bitcoins and gain more attention towards it. Silk Road was a major service that made some of what Bitcoin is, and a service that Litecoin didn't have yet. Bitcoin still suffering from long confirmation times, people thought it would be nice to have a similar website to Silk Road for Litecoin. Atlantis was recently created as a Silk Road to Litecoin. Merchants could move over to Atlantis and enjoy the luxury of faster confirmations.
First, faster block generation = more (and longer) orphaned block (chains) = you need to wait for more "confirms", before a transaction can be trusted.

It is not like "bitcoin = 10 minutes" but if you use litecoin then you only need to wait 2.5 minutes. <-- in this case, litecoin is A LOT less secure than bitcoin.

And guess what would happen if bitcoin and litecoin would switch in transaction activity, then the litecoin blockchain would way way way more bloated than the bitcoin blockchain is now (because more blocks = more overhead). Do you think the 10 minutes pr block was chosen to annoy bitcoin users?

Also exactly how is scrypt better than SHA2? The way I see it, then litecoin is WAY MORE vulnerable to anyone renting a botnet and perform a doublespend attack.
You're retarded for thinking a Botnet can do a double attack with a botnet now. You'll need at least $10k now. Now if you were talking about 2-3 weeks ago, a botnet with $500 could have done it, but not now.
I don't believe skynet exist - yet (I don't think a botnet can do a "double attack" with a botnet) Tongue However, I think a person or a group of persones can rent a botnet and use it to double spend (I don't think we should be affraid of botnets with artificial intelligence).

And before you call me retarded, you might want to look at what yourself wrote 4 days ago:
Right now it'd cost somewhere around $20,000 to buy a botnet capable of performing 51% attacks against the Litecoin network.

However, you could make $200,000 from ripping off BTC-E's LTC/BTC buy orders alone.

$20,000? Have you ever had a botnet? Do you know how much one infected computer costs, especially when spending $500?

If you're spending $500 on installs, it's $0.005 per install. Each will probably get 3-5 kH/s assuming that they're shitty.

$500 is 100,000 installs, yes, 100,000 infected computers to mine for you, getting you the speed of 300,000 - 500,000 kH/s on the whole muthafucking network!

I'm sure $500-$700 of installs could practically destroy LTC [...]
LOL

And now you are wondering why everyone don't use Litecoin? A currency which four days ago could be destroyed by less than $1000.
Even assuming it would cost $10k today (which it wont), do you think people would feel secure? Secure enough to sell their houses/cars with litecoin? This is something people can with bitcoin.

Simran,

Is there a decent Litecoin SPV client yet, or is the Litecoin client going to suffer inevitably when people use the blockchain for, you know... these things called transactions...
LOL Litecoin can handle way more transactions than Bitcoin can. Like people on the Bitcoin side bitch about SatoshiRoulette spamming the blockchain, that same same "spam" on the Litecoin side leaves us unaffected.
"unaffected" ? No, it would leave you with a even bigger blockchain, which means even longer download time and even longer verification time.
The "2.5 min pr block" (litecoin) = more bloat than bitcoin.

IF people actually started to use litecoin (not like now, with almost none transaction / activity), then all litecoins problem would become clear right away.
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March 20, 2013, 02:11:12 PM
 #94


Now, some of the faggits might say "Well, Bitcoin has only be around few a small amount of years", yeah foo, have you ever heard of Crypto years?

1 year = 12.5 crypto years(for BTC)
1 year = 20 crypto years(for LTC) //All depends on the coding and what not is how the years are calculated.

Anyhow, I think it would be appropriate for users to accept LTC as a newer and better cryptocurrency than to BTC.


Simram:
You got me, what is a crypto year?
I like litecoin very very much, but you are not taking very important things in consideration. Bitcoin will probably be the gold being litecoin the silver for many years to come, however I think LTC will outperform BTC in the next 12 month. I do not see LTC taking over BTC in the near term.




I was just joking about the Crypto years. People are always saying that Litecoin is a copy of Bitcoin, but forget that it's faster and can outperform Bitcoin.

It's really faster, it's true, I was surprised when I saw its speed. I donot know whether it can uotperform BTC or not, but I surely believe in its potential. It can be treated like a separated coin. No need to have similar paths with BTC. We can use it, and it will grow. It's just a matter of time.

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March 20, 2013, 05:27:46 PM
 #95

Simran: No offense, just a guess: you own a lot of litecoins, and is spreading FUD about bitcoin because you then hope the price of litecoin raise?

Bitcoin is a great piece of software for it's time, and it being open source was very helpful. There have been a handful of developers that have taken an advantage of this opportunity to create their own cryptocurrency. Although Bitcoin being the first and dominating currency at the moment, it still suffers from some flaws, or rather features. Along came a crytocurrency called Litecoin, it being based off the Bitcoin source, had some tweaks made to it. Bitcoin using SHA256, this coin [litecoin] uses the algorithm called sCrypt. Aside from that, the confirmations for this coin are faster than Bitcoins. This is a big advantage for merchants(Aside from the current features Bitcoin already offers). Silk Road was another event/service that helped the rise in Bitcoins and gain more attention towards it. Silk Road was a major service that made some of what Bitcoin is, and a service that Litecoin didn't have yet. Bitcoin still suffering from long confirmation times, people thought it would be nice to have a similar website to Silk Road for Litecoin. Atlantis was recently created as a Silk Road to Litecoin. Merchants could move over to Atlantis and enjoy the luxury of faster confirmations.
First, faster block generation = more (and longer) orphaned block (chains) = you need to wait for more "confirms", before a transaction can be trusted.

It is not like "bitcoin = 10 minutes" but if you use litecoin then you only need to wait 2.5 minutes. <-- in this case, litecoin is A LOT less secure than bitcoin.

And guess what would happen if bitcoin and litecoin would switch in transaction activity, then the litecoin blockchain would way way way more bloated than the bitcoin blockchain is now (because more blocks = more overhead). Do you think the 10 minutes pr block was chosen to annoy bitcoin users?

Also exactly how is scrypt better than SHA2? The way I see it, then litecoin is WAY MORE vulnerable to anyone renting a botnet and perform a doublespend attack.
You're retarded for thinking a Botnet can do a double attack with a botnet now. You'll need at least $10k now. Now if you were talking about 2-3 weeks ago, a botnet with $500 could have done it, but not now.
I don't believe skynet exist - yet (I don't think a botnet can do a "double attack" with a botnet) Tongue However, I think a person or a group of persones can rent a botnet and use it to double spend (I don't think we should be affraid of botnets with artificial intelligence).

And before you call me retarded, you might want to look at what yourself wrote 4 days ago:
Right now it'd cost somewhere around $20,000 to buy a botnet capable of performing 51% attacks against the Litecoin network.

However, you could make $200,000 from ripping off BTC-E's LTC/BTC buy orders alone.

$20,000? Have you ever had a botnet? Do you know how much one infected computer costs, especially when spending $500?

If you're spending $500 on installs, it's $0.005 per install. Each will probably get 3-5 kH/s assuming that they're shitty.

$500 is 100,000 installs, yes, 100,000 infected computers to mine for you, getting you the speed of 300,000 - 500,000 kH/s on the whole muthafucking network!

I'm sure $500-$700 of installs could practically destroy LTC [...]
LOL

And now you are wondering why everyone don't use Litecoin? A currency which four days ago could be destroyed by less than $1000.
Even assuming it would cost $10k today (which it wont), do you think people would feel secure? Secure enough to sell their houses/cars with litecoin? This is something people can with bitcoin.

Simran,

Is there a decent Litecoin SPV client yet, or is the Litecoin client going to suffer inevitably when people use the blockchain for, you know... these things called transactions...
LOL Litecoin can handle way more transactions than Bitcoin can. Like people on the Bitcoin side bitch about SatoshiRoulette spamming the blockchain, that same same "spam" on the Litecoin side leaves us unaffected.
"unaffected" ? No, it would leave you with a even bigger blockchain, which means even longer download time and even longer verification time.
The "2.5 min pr block" (litecoin) = more bloat than bitcoin.

IF people actually started to use litecoin (not like now, with almost none transaction / activity), then all litecoins problem would become clear right away.


Right... you are posting absolute drivel without a shred of fact. Not surprising, the majority of you do not have the slightest clue how blockchains function.  No SPV needed right now...How strange.

Anyways, if you want to discuss easily hashed algorithms, let's discuss sha256 and the overwhelming amount of asics residing in the US government's control. Let's just hope they don't get tired of you guys 'abusing' their technology for illegal purposes. By being a shortsighted, misinformed child, you have failed to grasp the concept of pure mathematical 'difficulty' (as our brains perceive) is highly irrelevant when it comes to calculations of this complexity. It is *far* more difficult and expensive to amass substantial scrypt hashpower.

So no, your highly biased, unsupported and meaningless opinion that outdated technology will continue to hold long-term value is faintly ridiculous.

Enjoy the BTC profits, I sure have and will continue to as long as you trade like emotional children.

 Really though, you people cannot be this stupid...Right?
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March 20, 2013, 06:22:12 PM
 #96

Right... you are posting absolute drivel without a shred of fact. Not surprising, the majority of you do not have the slightest clue how blockchains function.  No SPV needed right now...How strange.

Anyways, if you want to discuss easily hashed algorithms, let's discuss sha256 and the overwhelming amount of asics residing in the US government's control. Let's just hope they don't get tired of you guys 'abusing' their technology for illegal purposes. By being a shortsighted, misinformed child, you have failed to grasp the concept of pure mathematical 'difficulty' (as our brains perceive) is highly irrelevant when it comes to calculations of this complexity. It is *far* more difficult and expensive to amass substantial scrypt hashpower.

So no, your highly biased, unsupported and meaningless opinion that outdated technology will continue to hold long-term value is faintly ridiculous.

Enjoy the BTC profits, I sure have and will continue to as long as you trade like emotional children.

 Really though, you people cannot be this stupid...Right?

Both Bitcoin and Litecoin use ECDSA to sign transactions so for the same volume of transaction over a period of time they have the potential to experience the same degree of growth in the size of their blockchain. As litecoin grow it is going to accumulate dice games, messaging services, drama, and faucet sites that send large (in data size) dust filled transaction.

Even at the Litecoin blockchain's current size there exists an area where an SPV client is sorely needed, mobile.

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March 20, 2013, 06:27:57 PM
 #97

Even at the Litecoin blockchain's current size there exists an area where an SPV client is sorely needed, mobile.

I've patched Electrum for Litecoin here: https://github.com/litecoin-project/Electrum
Though I have not used it in a while so I'm not sure if server support is still there.

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March 21, 2013, 04:55:14 AM
 #98

I really don't care too much about litecoin. basically all this thread is about someone telling "my coin is better than yours because I painted one side with green“
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March 22, 2013, 08:22:22 PM
 #99

The main purpose for Bitcoin was anonymity and decentralization. Another main point was Silk Road. Well...............
...
Anyhow, I think it would be appropriate for users to accept LTC as a newer and better cryptocurrency than to BTC.

You misunderstand the paradigm shift introduced by bitcoin. The purpose is not to provide anonymity, but privacy. There are ways to disguise bitcoins to make it hard to crack down on privacy, but given enough effort one can do it. Each time you transfer bitcoins, or another cryptocurrency for that matter, you compromise your privacy, because it allows you to connect the specific address to your trade. Thus you should choose wisely with whom you want to trade if you want to hide funds. There will be huge gateways in place which operate on the interface between bitcoin and other monetary systems, and those will be the points in the system where you will loose your privacy. However, for the same reason huge financial hubs can be established in politically immune countries whose sole purpose is to disguise funds and restore privacy.

The main point of bitcoin is that it transfers economic freedom and control back to the people. More people will grasp the implications of this, as governmental currencies around the world get decapitalized.

cool, so i can get my 400 stolen coins back?
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March 22, 2013, 08:31:36 PM
 #100

The main purpose for Bitcoin was anonymity and decentralization. Another main point was Silk Road. Well...............
...
Anyhow, I think it would be appropriate for users to accept LTC as a newer and better cryptocurrency than to BTC.

You misunderstand the paradigm shift introduced by bitcoin. The purpose is not to provide anonymity, but privacy. There are ways to disguise bitcoins to make it hard to crack down on privacy, but given enough effort one can do it. Each time you transfer bitcoins, or another cryptocurrency for that matter, you compromise your privacy, because it allows you to connect the specific address to your trade. Thus you should choose wisely with whom you want to trade if you want to hide funds. There will be huge gateways in place which operate on the interface between bitcoin and other monetary systems, and those will be the points in the system where you will loose your privacy. However, for the same reason huge financial hubs can be established in politically immune countries whose sole purpose is to disguise funds and restore privacy.

The main point of bitcoin is that it transfers economic freedom and control back to the people. More people will grasp the implications of this, as governmental currencies around the world get decapitalized.

cool, so i can get my 400 stolen coins back?

Cheesy That's the perfect answer!

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