[LTC] Litecoin Core Development Fundraising

[flound1129]

LTC needs to be well maintained and with many supporting vendor integration tools if is to have any chance of long-term growth in its fundamental value.  People need to use it as an actual medium of exchange for commerce instead of the manic-depressive speculation vehicle it currently is.  In support of this goal, it seems logical for large holders of LTC to donate a small portion to a long-term development effort if they want the rest of their holdings to have a better chance of growing in value.  More important than the holders of LTC are the exchanges of LTC.  They are the ones currently making profits from LTC trade.  They have an interest in the network being better maintained and the client more stable, because if chain accidents happen they can potentially be defrauded of a significant amount of money by double-spending theft.

And yeah, I totally agree with this.  However, if the people who actually have a large stake in LTC don't care about the coin anymore, then I don't see why anyone should.

I'll tell you right now, if someone else made a new clone coin by porting scrypt to the 8.1 client, I'd wager it would immediately take off due to LTC's stagnation.

http://www.cryptocoincharts.info/period-charts.php?period=alltime&resolution=day&pair=ftc-btc&market=btc-e
Here's one of the typical pump-and-dump scam clone coins.  You will notice in this chart that the early miners made thousands of BTC with this pump-and-dump scheme, which triggered a massive increase in hashrate as more idiots piled on.  As soon as the difficulty was too high and the price had plummeted, the coin fully collapsed with not enough miners to sustain confirmations. The leadership of this scam then tried to lure back miners with the promise of BTC bounties, which helped them to push it along slowly toward a smaller difficulty drop introduced in a mandatory hardfork client update.  Even after the adjusted client they are again now stuck with falling hashrate, the scam now having fully run its course.

The miners don't care about the long-term safety of the network.  So it would make no difference for the scam coin to be based on 0.6.x or 0.8.x.

The miners don't, but as you stated above, the exchange operators, mining pool admins, and merchants do.  And that is what is needed to have a successful coin.  The miners will go wherever the profitability is.  Which is increasingly, not litecoin.

[wtogami]

http://www.cryptocoincharts.info/period-charts.php?period=alltime&resolution=day&pair=ftc-btc&market=btc-e
Here's one of the typical pump-and-dump scam clone coins.  You will notice in this chart that the early miners made thousands of BTC with this pump-and-dump scheme, which triggered a massive increase in hashrate as more idiots piled on.  As soon as the difficulty was too high and the price had plummeted, the coin fully collapsed with not enough miners to sustain confirmations. The leadership of this scam then tried to lure back miners with the promise of BTC bounties, which helped them to push it along slowly toward a smaller difficulty drop introduced in a mandatory hardfork client update.  Even after the adjusted client they are again now stuck with falling hashrate, the scam now having fully run its course.

The miners don't care about the long-term safety of the network.  So it would make no difference for the scam coin to be based on 0.6.x or 0.8.x.

The miners don't, but as you stated above, the exchange operators, mining pool admins, and merchants do.  And that is what is needed to have a successful coin.  The miners will go wherever the profitability is.  Which is increasingly, not litecoin.

You are twisting my words.  I said above that exchanges have an interest in contributing to long-term development of the client to reduce the risk of massive theft.

The merchants have an interest to use only the currencies that are stable and predictable in behavior.  Litecoin seems to have remained mostly within a comfortable range of 1.5-3.5 minute confirmation times for the past few months.  By contrast, the recent scam coins are characterized by repeated examples of technical failure, confirmation stagnation and extreme exchange rate volatility.  Merchants have little interest in accepting a virtual currency that takes hours to confirm, where they need to update their client often because of changing rules, and where the exchange rate swings 400% within a day.

Miners do have a choice.  They can stick to one of the established coins with a relatively stable exchange rate and confirmation time, or attempt to take advantage of idiots willing to buy newly mined scam coins.  Or they can also stop if they think the power expense is more than the coin will ever be worth.

[flound1129]

http://www.cryptocoincharts.info/period-charts.php?period=alltime&resolution=day&pair=ftc-btc&market=btc-e
Here's one of the typical pump-and-dump scam clone coins.  You will notice in this chart that the early miners made thousands of BTC with this pump-and-dump scheme, which triggered a massive increase in hashrate as more idiots piled on.  As soon as the difficulty was too high and the price had plummeted, the coin fully collapsed with not enough miners to sustain confirmations. The leadership of this scam then tried to lure back miners with the promise of BTC bounties, which helped them to push it along slowly toward a smaller difficulty drop introduced in a mandatory hardfork client update.  Even after the adjusted client they are again now stuck with falling hashrate, the scam now having fully run its course.

The miners don't care about the long-term safety of the network.  So it would make no difference for the scam coin to be based on 0.6.x or 0.8.x.

The miners don't, but as you stated above, the exchange operators, mining pool admins, and merchants do.  And that is what is needed to have a successful coin.  The miners will go wherever the profitability is.  Which is increasingly, not litecoin.

You are twisting my words.  I said above that exchanges have an interest in contributing to long-term development of the client to reduce the risk of massive theft.

The merchants have an interest to use only the currencies that are stable and predictable in behavior.  Litecoin seems to have remained mostly within a comfortable range of 1.5-3.5 minute confirmation times for the past few months.  By contrast, the recent scam coins are characterized by repeated examples of technical failure, confirmation stagnation and extreme exchange rate volatility.  Merchants have little interest in accepting a virtual currency that takes hours to confirm, where they need to update their client often because of changing rules, and where the exchange rate swings 400% within a day.

Miners do have a choice.  They can stick to one of the established coins with a relatively stable exchange rate and confirmation time, or attempt to take advantage of idiots willing to buy newly mined scam coins.  Or they can also stop if they think the power expense is more than the coin will ever be worth.

LTC's exchange rate has dropped about 30% in the past month, I'd hardly call that stable.  It's only remained stable vs. USD because of the corresponding rise in BTC over the same period.

[wtogami]

LTC's exchange rate has dropped about 30% in the past month, I'd hardly call that stable.  It's only remained stable vs. USD because of the corresponding rise in BTC over the same period.

No disputing that rates against BTC fluctuate.  The rate against USD seems to remain relatively stable for long periods of time, for reasons I have never understood.  In any case the relatively stable USD rate actually makes it more attractive to merchants.  And Bitpay-type payment processors make the volatility less important since the processor absorbs the rate risk and the merchant is paid the invoiced amount of USD.

But what does this have to do with the dev fundraiser?  Nothing.  The devs job is to fix technical issues and make the software more dependable.

You've made your agenda clear.  Please move on?

[flound1129]

LTC's exchange rate has dropped about 30% in the past month, I'd hardly call that stable.  It's only remained stable vs. USD because of the corresponding rise in BTC over the same period.

No disputing that rates against BTC fluctuate.  The rate against USD seems to remain relatively stable for long periods of time, for reasons I have never understood.  In any case the relatively stable USD rate actually makes it more attractive to merchants.  And Bitpay-type payment processors make the volatility less important since the processor absorbs the rate risk and the merchant is paid the invoiced amount of USD.

But what does this have to do with the dev fundraiser?  Nothing.  The devs job is to fix technical issues and make the software more dependable.

You've made your agenda clear.  Please move on?

Agreed, I've made my points.

[marcolam]

LTC,my favorite coin. ;)Donated 10LTC. Thank you guys for your work!

[jubalix]

can i send by BTCE code?

(these have less fees I think)

[coblee]

can i send by BTCE code?

(these have less fees I think)

Sure, please PM me on btc-e.

[mullick]

Sending one more just for a reason to bump the thread

[Ethicoin]

We are in testing phase of Ethicoin (ETC) the first crytocoin to be merge mined with LTC:

https://bitcointalk.org/index.php?topic=221375.0

We are open to supporting the Litecoin Core Development with fundraising.

We are currently testing the LTC merge mining please PM me for more information and collaboration.

[neotrix]

Added another 250 LTC

please update neotrix name as crypto-trade.com in the list 

[ictin]

As promised, now that my first payout has arrived from the pool i donated what i mined in one day, i.e. 1 LTC. I hope that more people will donate their 1 day earnings.

[reb0rn21]

Donated, keep up the good work!

[mmitech]

Guys can you post updates about the developing process, I am really excited about the hole thing and would like to see this topic with regular updates, and I think I am not the only one here. thank you

[wtogami]

Guys can you post updates about the developing process, I am really excited about the hole thing and would like to see this topic with regular updates, and I think I am not the only one here. thank you

We are preparing a big announcement that should go out in a few days.  Good news.  It was a surprise to us.

We are getting close to public beta, hopefully in the next week or two if all goes well.  Still trying to decide on the wisdom of future parameters and fixing the unit tests.  Please follow the Google+ page as important dev news gets posted there first.

Here are commits to the internal test repo since the OP.  There were a few more after this screenshot.  The tree needs to be cleaned up in another rebase prior to source release to help make it more understandable.

[SaltySpitoon]

This thread is stickied? Why? Will every alt coin get a sticky if they make a development fundraising request? If not, why is a moderator deciding which coin who they may have a personal stake in is "worthy" of having a sticky?

I actually hold LTC.

I stickied it, because they asked nicely. I tend to sticky anything that is somewhat important temporarily of course, I'm using my own discretion as to what is important, but if you have noticed, I've stickied about 10 different threads for different coin types. I guess I gauge importance by
1) Effect on users if it is not seen
2) Will it create any disruption if it is stickied
3) Was the request a, "could you please sticky this because..." or was it a, "hey mang, sticky this ploxorz"

and again, my own digression. It will be unstickied sooner or later, so relax, I'd do it for whatever coin or coins you are supporting as well.


Also, by the way, the thread was unstickied by request of the person who requested it be stickied in the first place. Technically, I could really be as biased towards any coin as I wished, as there aren't really any rules expressed by the forums saying otherwise. But, I feel I'm a reasonably fair guy so I give every coin a fair enough chance, as long as it isn't a secret wallet stealer or something like that.

[coblee]

This thread is stickied? Why? Will every alt coin get a sticky if they make a development fundraising request? If not, why is a moderator deciding which coin who they may have a personal stake in is "worthy" of having a sticky?

I actually hold LTC.

I stickied it, because they asked nicely. I tend to sticky anything that is somewhat important temporarily of course, I'm using my own discretion as to what is important, but if you have noticed, I've stickied about 10 different threads for different coin types. I guess I gauge importance by
1) Effect on users if it is not seen
2) Will it create any disruption if it is stickied
3) Was the request a, "could you please sticky this because..." or was it a, "hey mang, sticky this ploxorz"

and again, my own digression. It will be unstickied sooner or later, so relax, I'd do it for whatever coin or coins you are supporting as well.


Also, by the way, the thread was unstickied by request of the person who requested it be stickied in the first place. Technically, I could really be as biased towards any coin as I wished, as there aren't really any rules expressed by the forums saying otherwise. But, I feel I'm a reasonably fair guy so I give every coin a fair enough chance, as long as it isn't a secret wallet stealer or something like that.

Thanks for the explanation SaltySpitoon. I think your ability to be fair is commendable, and yet you still get called out for being biased.

[neotrix]

Added 500 LTC

Raising to 1000 ltc donated from Crypto-trade.com. keep up the work guys

[adpinbr]

This thread is stickied? Why? Will every alt coin get a sticky if they make a development fundraising request? If not, why is a moderator deciding which coin who they may have a personal stake in is "worthy" of having a sticky?

I actually hold LTC.

I stickied it, because they asked nicely. I tend to sticky anything that is somewhat important temporarily of course, I'm using my own discretion as to what is important, but if you have noticed, I've stickied about 10 different threads for different coin types. I guess I gauge importance by
1) Effect on users if it is not seen
2) Will it create any disruption if it is stickied
3) Was the request a, "could you please sticky this because..." or was it a, "hey mang, sticky this ploxorz"

and again, my own digression. It will be unstickied sooner or later, so relax, I'd do it for whatever coin or coins you are supporting as well.


Also, by the way, the thread was unstickied by request of the person who requested it be stickied in the first place. Technically, I could really be as biased towards any coin as I wished, as there aren't really any rules expressed by the forums saying otherwise. But, I feel I'm a reasonably fair guy so I give every coin a fair enough chance, as long as it isn't a secret wallet stealer or something like that.

Thanks for the explanation SaltySpitoon. I think your ability to be fair is commendable, and yet you still get called out for being biased.

I think slatyspitoon has always been fair and hasn't abused his moderator advantage to give him an unfair financial advantage, in what appears to be the "go-to" for solicitations, despite the potential of very high future returns by taking such action. Also this should be stickied. Bump

[RandyMagnum]

Guys can you post updates about the developing process, I am really excited about the hole thing and would like to see this topic with regular updates, and I think I am not the only one here. thank you

We are preparing a big announcement that should go out in a few days.  Good news.  It was a surprise to us.

I like unexpected good news.