[ANN] Litecoin - a lite version of Bitcoin. Launched!

[DeathAndTaxes]

I get that, but I'm not speaking from the perspective of the technical blockchain mechanics.  Instead, I am thinking more along the lines of making ltc (or btc for that matter) economically feasible in as many scenarios as possible, thereby maximizing the potential for innovation and usage.  If there are limitations resulting from the way transactions and the blockchain works, then that is just something we need to deal with.

I think you might be confusing economically feasible w/ perfect.

Paying a 1% fee on a 10 cent transaction is pretty damn good.  There is no payment method in the world that is that cheap w/ the exception of maybe cash.  In an meaningful transaction volume accepting 10 cent coins is going to require a bank drop or armored car pickup and thus your cost is still >1%.

[1714287717]

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[1714287717]

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[localhost]

Again a .1 fee to transfer 6 LTC kinda sucks.

Is there really a need to transfer $0.06 equivalent?

Also, maybe I missed something, but I thought there was still a small amount of free transactions in a block, only they have lower priority. (or maybe this was changed too?)

[DeathAndTaxes]

Again a .1 fee to transfer 6 LTC kinda sucks.

Is there really a need to transfer $0.06 equivalent?

Also, maybe I missed something, but I thought there was still a small amount of free transactions in a block, only they have lower priority. (or maybe this was changed too?)

I guess I should have said transfer $0.06 multiple times and  quickly.  The number of free "slots" is limited and there may already be multiple free transactions waiting thus it could be a "while" before a free small transaction clears.

[CAMOPEJB]

Also, maybe I missed something, but I thought there was still a small amount of free transactions in a block, only they have lower priority. (or maybe this was changed too?)

Every transaction above 100 LTC is high priority and free  

It's great that Litecoin now has its own logo, but I have to say that the color scheme is quite awful.  The "L" is quite muted and set against a very drab background color. Couldn't we come up with something better?  Maybe offer some LTC from the faucet to have someone design something catchy?

There was no premine so no faucet, sorry....
And it WAS Design contest so please read thread up  

PS. Background is transparent and it represents lightness of Litecoin  

[localhost]

I guess I should have said transfer $0.06 multiple times and  quickly.  The number of free "slots" is limited and there may already be multiple free transactions waiting thus it could be a "while" before a free small transaction clears.

Ok, then that was what I understood. I think if someone wants to be cheap they can at least cope with the idea that maybe their free tiny transaction will be somewhat slower. When you're in a hurry usually you can afford some cent to speed up the transaction... It happened quite often that I reserved a train ticket an hour earlier for an extra 10€ after all... Time is money, etc.

[CAMOPEJB]

The blockexplorer and forums will be down for a couple of hours while i make some hardware changes

And what about:
http://litecoin.kicks-ass.org/graphs/graphs.html
and
http://allchains.info/

I think they need our help to back online.... 

[coblee]

Also, maybe I missed something, but I thought there was still a small amount of free transactions in a block, only they have lower priority. (or maybe this was changed too?)

Every transaction above 100 LTC is high priority and free  

It's great that Litecoin now has its own logo, but I have to say that the color scheme is quite awful.  The "L" is quite muted and set against a very drab background color. Couldn't we come up with something better?  Maybe offer some LTC from the faucet to have someone design something catchy?

There was no premine so no faucet, sorry....
And it WAS Design contest so please read thread up  

PS. Background is transparent and it represents lightness of Litecoin  

In order for a standard transaction to qualify for a free no-fee transaction, it must have 1 litecoin day worth of value. So the inputs times number of confirmations must be greater than 576. (576 = number of blocks found in a day) So if you send 577 coins with 1 confirmations, it will qualify. Or 1 coin with 577 confirmations. If you really need to send 6 coins for free, you just need to wait for 96 confirmations (about 4 hours). Like DeathAndTaxes said, a sub 2% transaction fee for sending 6 cents is really cheap! If you really can't afford the 0.1 ltc, then wait 4 hours after receiving those coins before you can send them for free.

Think about this. If you are constantly receiving and sending these small amounts, your transactions basically looks like spam to the network. And that's what these fees are there to prevent in the first place.

[coblee]

The blockexplorer and forums will be down for a couple of hours while i make some hardware changes

And what about:
http://litecoin.kicks-ass.org/graphs/graphs.html
and
http://allchains.info/

I think they need our help to back online.... 

molecular is working on upgrading his computer. So kick-ass graphs has been down for a while. This is not related to the transaction spam.

I just talked to Sp0tter about allchains. He ran into memory issues and he's working on getting that back up.

[CAMOPEJB]

Thanks for fast response  
So, basically, I was right: you can send 100 and more LTC with 6 confirmations free of fee  

[coblee]

Thanks for fast response 
So, basically, I was right: 100LTC with 6 confirmations are free of fee 

Yes, you are right. 100 LTC is only about $1.25 in Today's exchange rate.

[amazingrando]

And it WAS Design contest so please read thread up  

PS. Background is transparent and it represents lightness of Litecoin  

Guess I haven't been following it as closely as I should!  I understand the new logo now.  But somehow I don't think it captures the awesomeness of litecoin.  Should have added my two cents when I could!

[bulanula]

If the network can't really handle all the TX spam how will it handle when real volume starts working and the spam is actually real transactions. Is this system scalable ? We don't really know. TX spam is quite useful in a way. Test the reliability of our systems. Many were down etc.

[localhost]

If the network can't really handle all the TX spam how will it handle when real volume starts working and the spam is actually real transactions. Is this system scalable ? We don't really know. TX spam is quite useful in a way. Test the reliability of our systems. Many were down etc.

Indeed. There's a double issue there:
- first, the many tiny transactions grew the block chain with junk, plainly blocking them by a fee like it was done is good enough, it's fixed alright.
- second, it seems that those many transactions made some clients become slow as hell or even crash, and here we can ask ourselves what will happen when we actually have that many legitimate transactions...

[sd]

If the network can't really handle all the TX spam how will it handle when real volume starts working and the spam is actually real transactions. Is this system scalable ? We don't really know. TX spam is quite useful in a way. Test the reliability of our systems. Many were down etc.

Totally agree. Whoever is sending this spam is giving this blockchain a good test. It's also really nice that he/she is giving out 4 litecoins in transactions fees to everyone that finds a new block. However the current level of transactions plus this transaction spam still can't be anywhere near the volume of transactions Visa or Mastercard process. I'd like to see a BitCoin like blockchain tested with that kind of transaction volume.

[bulanula]

If the network can't really handle all the TX spam how will it handle when real volume starts working and the spam is actually real transactions. Is this system scalable ? We don't really know. TX spam is quite useful in a way. Test the reliability of our systems. Many were down etc.

Totally agree. Whoever is sending this spam is giving this blockchain a good test. It's also really nice that he/she is giving out 4 litecoins in transactions fees to everyone that finds a new block. However the current level of transactions plus this transaction spam still can't be anywhere near the volume of transactions Visa or Mastercard process. I'd like to see a BitCoin like blockchain tested with that kind of transaction volume.

Indeed. We don't really know how scalable this whole blockchain method is. How much can it handle ( in terms of TX per second ? ) and how much can it scale ?

Right now the TX numbers are very low and we are all happy but nobody has done a through assessment on the testnet to see the upper limit of blockchain-based cryptocurrencies.

[kano]

And it WAS Design contest so please read thread up  

PS. Background is transparent and it represents lightness of Litecoin  

Guess I haven't been following it as closely as I should!  I understand the new logo now.  But somehow I don't think it captures the awesomeness of litecoin.  Should have added my two cents when I could!

In case you were curious
https://bitcointalk.org/index.php?topic=49509.0
 then
https://bitcointalk.org/index.php?topic=49563.0

[btc_artist]

If the network can't really handle all the TX spam how will it handle when real volume starts working and the spam is actually real transactions. Is this system scalable ? We don't really know. TX spam is quite useful in a way. Test the reliability of our systems. Many were down etc.

Totally agree. Whoever is sending this spam is giving this blockchain a good test. It's also really nice that he/she is giving out 4 litecoins in transactions fees to everyone that finds a new block. However the current level of transactions plus this transaction spam still can't be anywhere near the volume of transactions Visa or Mastercard process. I'd like to see a BitCoin like blockchain tested with that kind of transaction volume.

Yep. Downloading a 50Gig blockchain would not be fun.

[CAMOPEJB]

Indeed. We don't really know how scalable this whole blockchain method is. How much can it handle ( in terms of TX per second ? ) and how much can it scale ?
Right now the TX numbers are very low and we are all happy but nobody has done a through assessment on the testnet to see the upper limit of blockchain-based cryptocurrencies.

C'mon people, are you even reading this thread or you just put coblee on ignore list? (or just trolling the thread)
TX per second for network is not an issue - TX per second for WALLET it is (for now)
Litecoin network like Bitcoin can handle thousands TXes per second without a problem but when all those TXes are going to same wallet... well, wallet will freeze/crash depends on hardware it is running.

For example, Litecoin wallet needs 1 sec. to process each income TX. If in one moment spammer sends to the same address dust spam = 5k TXes Litecoin wallet needs  5K sec = 83 mins to process them all so it cannot handle it.

If nobody send dust spam to your LTC address you will never experience those wallet freeze/crashes.
And now it is too expensive to dust spam people.

Yep. Downloading a 50Gig blockchain would not be fun.

Just look at BTC: its Chain Size is 736M, LTC Chain Size is 314M.
Now, when dust spam is over, I don't see any reason for rapid growth of chain.
So, it will never be 50Gigs - trust my words  

[DeathAndTaxes]

So, it will never be 50Gigs - trust my words  

Never?  Well stop mining now because it is worthless.

Avg transaction is about 500 bytes. With contracts, and more complex transactions expect that to rise.  Say 1K per transaction.

50 GB = 50 million transactions.

If LTC ever got to 1 transactions per second and 1KB per transaction (Paypal is 100 tps, Visa is more like 5000 tps) it would be 31 GB per year.

[CAMOPEJB]

No mister troll - yure wrong

pls. check any LTC block for its size
for example: http://blockexplorer.sytes.net/block/1fdd1fb08e64731f6341097b9c341ce0eff4695289b6b02ef3f0810ae74ce4d3 (last one)