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

[xurious]

I don't know if this has already been brought up or not, but..

Pyramid scheme

Since the aforementioned reasons mean Litecoin has no future potential, it effectively functions as a pyramid scheme, rewarding those who get in sooner at the expense of those who adopt it just before it finally fails (and are left with nothing). This is not the case for Bitcoin, since it has significant potential to become a long-term currency and continually be beneficial to adopters no matter when they begin using it.

https://en.bitcoin.it/wiki/Litecoin 

Yeah, I talked to genjix about it, he dodged my question conveniently.
Without proper citation, a statement like "a malicious entity needs only produce a single piece of specialized/custom hardware to overtake all the commodity mining systems combined" has absolutely no place in a wiki.
[/quote]

Bleh, that wiki page is garbage. It's written worse than a tabloid article.

[1714240827]

1714240827

[1714240827]

1714240827

[1714240827]

1714240827

[Matoking]

New build of ScryptMiner-GUI out with additional parameters field and compatibility with the new, optimized miner by pooler :
http://www.mediafire.com/?uem5s5bpj0ke1ed

The new miner comes with the new version of the GUI and since the mining portion of the miner has been rewritten in Assembly, specific CPU-architecture optimized builds are no longer needed.

[coblee]

I'm giving away a limited supply of acrylic litecoins for free (well postage only):
https://bitcointalk.org/index.php?topic=53596.msg671160#msg671160
Please post there if you want one.

[Mousepotato]

Hey how many threads should I use?  I have a 6-core AMD Phenom II and I'm getting the same KH/s whether I use 2 threads or 6.  Does it make a diff?

[omo]

I managed to compile litecoind on my centos6.2 box. after installing openssl-1.0e from source, and compiling miniupnc1.6, I successfully got an excutable litecoind, and I run it successful as a daemon. However, it seems that there's no connections, and can not link to the network.(the output of "litecoind getblockcount" and "litecoind getconnectioncount" are all 0). my litecoin.conf file in ~/.litecoin:

Code:

server=1
rpcuser=test
rpcpassword=xxx

rpcallowip=*
gen=0
rpcport=9332
daemon=1

block_nTime=1317972665
block_nNonce=2084524493

the output of "litecoind getinfo":

Code:

{
    "version" : 50100,
    "balance" : 0.00000000,
    "blocks" : 0,
    "connections" : 0,
    "proxy" : "",
    "generate" : false,
    "genproclimit" : -1,
    "difficulty" : 0.00024414,
    "hashespersec" : 0,
    "networkhashps" : -2147483648,
    "testnet" : false,
    "keypoololdest" : 1325574428,
    "keypoolsize" : 101,
    "paytxfee" : 0.00000000,
    "mininput" : 0.00010000,
    "errors" : ""
}

I can connect to 9332 port(telnet localhost 9332, there's a response says".....Escape char is..."), but when I start a miner point to localhost:9332, it says "HTTP request failed: The requested URL returned error: 500"

any ideas about the problem? thanks!

[omo]

Yes use actual IP of the machine eg. http://192.168.0.1:9332 in the connect URL.

I tried, the problem is still there.

[omo]

Are you still seeing the no blocks that is in that getinfo you posted as you need the blockchain to be able to hash should be block 60758 at this time according to my daemon, never noticed that the first time...

yes, it seems that litecoind can not connect to the network.

when compiling litecoind, it complains:"/usr/bin/ld: cannot find -lboost_thread"
I checked /usr/lib64, there's a file named "libboost_thread-mt.so.5", I made a link by executing:

Code:

ln -s libboost_thread-mt.so.5 libboost_thread.so

the complain was gone. but I wonder if this is the reason of the problem.

[kjlimo]

Hey how many threads should I use?  I have a 6-core AMD Phenom II and I'm getting the same KH/s whether I use 2 threads or 6.  Does it make a diff?

I would think you would want to use 6 threads which should each get about 3 khash each for a total of about 20 khash.  Are you rrunning 64 bit?  B/c the new minerd that pooler just released is what I'm getting my rates from.

[omo]

yes, it seems that litecoind can not connect to the network.

the problem is gone when I launch litecoind with -addnode option: litecoind -addnode=190.72.102.xxx
then everything goes fine.

it seems IRC connection is banned in that network.

[Mousepotato]

I would think you would want to use 6 threads which should each get about 3 khash each for a total of about 20 khash.  Are you rrunning 64 bit?  B/c the new minerd that pooler just released is what I'm getting my rates from.

Yeah I'm running the new minerd that Pooler posted, but I'm only getting around 7.4 KH/s (I just copied the contents of the Windows binary into my Litecoin directory).  But I'm not really running any parameters or anything.  All i'm doing is running the litecoin-qt.exe (or whatever its called) and pressing the "Mine" button.  Do I have to set up any config files or anything like that?

[kjlimo]

I would think you would want to use 6 threads which should each get about 3 khash each for a total of about 20 khash.  Are you rrunning 64 bit?  B/c the new minerd that pooler just released is what I'm getting my rates from.

Yeah I'm running the new minerd that Pooler posted, but I'm only getting around 7.4 KH/s (I just copied the contents of the Windows binary into my Litecoin directory).  But I'm not really running any parameters or anything.  All i'm doing is running the litecoin-qt.exe (or whatever its called) and pressing the "Mine" button.  Do I have to set up any config files or anything like that?

I think I mentioned this in another thread, but for completeness:

I'm running .bat file that I got from someone.  When I put it in the same director as the three files from pooler's miner, then I have to put in 4 settings:

1) the pool website I'm mining with (I mine with a pool, cuz I haven't conquered my fear of solo mining yet)

2) the miner username & password

3) hit enter, I don't even know what the 3rd setting really does

4) enter the number of threads. 

I currently use 2 on my duo core intel and get 3.5 khash/s per core for my laptop using the 32 bit miner. 
And I use 2 threads on my mining desktop which has an AMD Phenom quad core.  I only use 2 threads on 2 cores, b/c I like to keep 1 core dedicated to each GPU and my desktop has a Radeon 5970, so 2 GPU's.

I have a mining rig with two 5970's in it right now and a quad core processor, and I don't mess with CPU mining on that just yet.  It's actually my friend's borrowed rig, which is why I leave the CPU chains for my desktop and my laptop.

I have heard that the 1 core per GPU may not be necessary if "updated" drivers and such are used, but I haven't had time to fully look into this.

Hope this helps!  Let me know if you have any other questions.

[Mousepotato]

Thanks!  I got everything set up and I'm mining at Coinotron at around 30KH/s with 6 threads!!!

[conspirosphere.tk]

Hi, recently I formatted my puter after making a backup of my litecoin wallet (which contained a few litecoins). Now that I reinstalled everything and put my wallet where the litecoin client use to keep it ( C:\Documents and Settings\current user\Application Data\Litecoin ), the wallet is empty according the client (v.0.5.0.8 ). Moreover, even the receiving address I used to receive my litecoins has not been saved in the wallet according the client.
Am I phucked? And why?

[Matoking]

Has it finished downloading the blockchain yet?

[conspirosphere.tk]

Has it finished downloading the blockchain yet?

Yes. No Litecoins and no old receiving address recovered 

[Matoking]

Has it finished downloading the blockchain yet?

Yes. No Litecoins and no old receiving address recovered  

Did you put the wallet in C:\Users\USERNAME\AppData\Roaming\Litecoin instead of C:\Users\USERNAME\AppData\Litecoin?

[conspirosphere.tk]

Did you put the wallet in C:\Users\USERNAME\AppData\Roaming\Litecoin instead of C:\Users\USERNAME\AppData\Litecoin?

No, since I am using XP64. No Roaming folder here.

[wndrbr3d]

So I've noticed the network hash rate bouncing up and down over the last couple adjustments. My current theory is that there's a botnet that switches between two CPU based alt-currencies.

Here's the scenario:

- Botnet begins mining Litecoins
- When difficulty adjusts up, Botnet switches to Mystery Currency #2
- When Litecoin difficulty drops again, or Mystery Currency #2 goes up too high, botnet switches

I'm not saying this is what's happening for sure, but it seems fairly odd that the network hash rate would double at almost the exact time that difficulty dropped.

Also, this isn't entirely bad for Litecoin I suppose, but it does show how vulnerable to influence it is.

[tacotime]

It appeared to be turned off for the last little while...  It wasn't on FBX/TBX which were the other two alt currencies.  This would seem to indicate that it's not actually a botnet (who could care less about producing coins for the cheapest cost possible) but rather someone who commands a very large cluster of CPUs that pays for power (likely someone simultaneously mining bitcoin).

It appears that they don't have enough power to 51% the chain, as in their absence the size of LTC mining was about 2/3 the size that it is now.  It may be someone who wishes to ask maliciously (Luke Jr.) but can't 51% the chain, so they are mining and dumping as quickly as possible (which doesn't really do anything malicious, it just depresses the price a little).

[wndrbr3d]

Looks like the botnet/whoever hit Litecoin again. Mined the balls out of it which put difficulty up to ~1.14 and then stopped once difficulty changed. Next target is currently at ~0.6

I wonder how long this trend will continue.