2013-11-30 Economist: Bitcoin under pressure - error

[jubalix]

I lost much faith in this article when I read


 

Litecoin, for example, retains Bitcoin’s limited money supply but offers faster transactions and tries to avoid energy-intensive mining.

This is completely wrong. LTC uses just as much power as BTC.


all so the asic network is not busting at the seams, it BTC difficultly drops if miners pull out

[Kreigyr]

Actually, since SCRYPT mining is more memory-intensive and just about as computationally-intensive (correct me if I'm wrong), it generally uses more power with the same hardware. The rest of the article is a little flakey, even without that, though.

[Akka]

For the 1,000,000th Time. Litecoin transactions are not faster as Bitcoin transactions.

Confirmations are faster, but they still offer the same amount of security in the same amount of time as Bitcoin confirmations (compared to total Network Hash rate).

And if the only reason to wait for confirmations is security, well...

[jubalix]

For the 1,000,000th Time. Litecoin transactions are not faster as Bitcoin transactions.

Confirmations are faster, but they still offer the same amount of security in the same amount of time as Bitcoin confirmations (compared to total Network Hash rate).

And if the only reason to wait for confirmations is security, well...

we need to write to them....

[LiteCoinGuy]

maybe he owns some Litecoins