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Author Topic: [ANN] Litecoin - a lite version of Bitcoin. Launched!  (Read 783260 times)
Ashkelon
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October 12, 2011, 01:30:26 PM
 #141

i realise this might not be the best place to ask, but I'm not quite clear on the superiority of litecoin vs namecoin, any chance you guys might enlighten me?

dominus mysteria
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October 12, 2011, 01:58:11 PM
 #142

I don't think there is any superiority or inferiority, it is not comparing apples to apples, namecoin has a specific function for nameservers but litecoin should be more akin to bitcoin etc except that it is based on CPU mining rather than bitcoin which is trending towards GPUs.

i realise this might not be the best place to ask, but I'm not quite clear on the superiority of litecoin vs namecoin, any chance you guys might enlighten me?
Ashkelon
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October 12, 2011, 02:03:14 PM
 #143

I don't think there is any superiority or inferiority, it is not comparing apples to apples, namecoin has a specific function for nameservers but litecoin should be more akin to bitcoin etc except that it is based on CPU mining rather than bitcoin which is trending towards GPUs.

Fair enough, I guess I didn't express myself very well. Anyway, I went and add a deeper look and answered my questions, thanks anyway

dominus mysteria
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October 12, 2011, 02:15:39 PM
 #144

I was planning to be awake for the launch, but I'm way sleep deprived so I won't make it.
Here is how I plan to start mining at 5 AM:


Quote
REM fill in number of seconds until 3:15 GMT below

sleep 3600

cd litecoin-windows-daemon-10-09-2011
start litecoind
cd ..\litecoin-windows-miner-10-10-2011
sleep 10
call "mine 7 threads.bat"

What I assume that by 3:15 GMT everything will really be up an running, right?
If not, my daemon will crash and I'll lose a good few hours of mining.

* Crossing fingers against last minute production issues.

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October 12, 2011, 02:55:52 PM
 #145

You need to edit your litecoin.conf file after the launch if you want to mine.

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October 12, 2011, 03:00:34 PM
 #146

You need to edit your litecoin.conf file after the launch if you want to mine.

Can't I just edit litecoin.conf to testnet = 0 a few hours before launch, then set my delayed miner?
Or will some secret information be released at 3GMT to be added to litecoin.conf ?

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October 12, 2011, 03:04:19 PM
 #147

You need to edit your litecoin.conf file after the launch if you want to mine.

Can't I just edit litecoin.conf to testnet = 0 a few hours before launch, then set my delayed miner?
Or will some secret information be released at 3GMT to be added to litecoin.conf ?

Does the new optimized for Intel Tenebrix miner work on Litecoin as well?

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October 12, 2011, 03:07:12 PM
 #148

I'm considering opening my pool tonight so you can connect now, and then when the info is released for the main, I can make the switch and all the miners will update automatically.

On the flip side of the coin, doing so I am afraid will make the first blocks a cluster fuck of orphans and everyone will get pissed off.

Thoughts are more than welcome. My original thoughts were to wait until a couple of difficulty changes. Being as the time switch for most of us will be while we normally sleep, I thought one person awake might be better than all of us.

Oh, and if anyone wants some testnet coins, give me an address and I'll send you 10,000.
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October 12, 2011, 03:09:22 PM
 #149

You need to edit your litecoin.conf file after the launch if you want to mine.

Can't I just edit litecoin.conf to testnet = 0 a few hours before launch, then set my delayed miner?
Or will some secret information be released at 3GMT to be added to litecoin.conf ?

Does the new optimized for Intel Tenebrix miner work on Litecoin as well?

The new miner does work for LiteCoin.  You'll see a small increase if you use it.  I'm not sure if source is available or needed... so I can't vouch for safety or anything like that.
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October 12, 2011, 03:10:46 PM
 #150

I'm considering opening my pool tonight so you can connect now, and then when the info is released for the main, I can make the switch and all the miners will update automatically.

On the flip side of the coin, doing so I am afraid will make the first blocks a cluster fuck of orphans and everyone will get pissed off.

Thoughts are more than welcome. My original thoughts were to wait until a couple of difficulty changes. Being as the time switch for most of us will be while we normally sleep, I thought one person awake might be better than all of us.

Oh, and if anyone wants some testnet coins, give me an address and I'll send you 10,000.

I'm inclined to ask you to wait for a day or so so we can get an established chain going.  Difficulty initially will be low enough that no one would benefit from using a pool anyway.  This hopefully will change quickly.
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October 12, 2011, 03:17:04 PM
 #151

I'm considering opening my pool tonight so you can connect now, and then when the info is released for the main, I can make the switch and all the miners will update automatically.

On the flip side of the coin, doing so I am afraid will make the first blocks a cluster fuck of orphans and everyone will get pissed off.

Thoughts are more than welcome. My original thoughts were to wait until a couple of difficulty changes. Being as the time switch for most of us will be while we normally sleep, I thought one person awake might be better than all of us.

Oh, and if anyone wants some testnet coins, give me an address and I'll send you 10,000.

I'm inclined to ask you to wait for a day or so so we can get an established chain going.  Difficulty initially will be low enough that no one would benefit from using a pool anyway.  This hopefully will change quickly.

That's already the plan. Just wanted to make sure it wasn't needed/wanted because of the time of the switch over. I have not released the address to the pool so even though I'll have my miners pointed at it, no one else will be able to use it yet.
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October 12, 2011, 03:21:35 PM
 #152

I'm considering opening my pool tonight so you can connect now, and then when the info is released for the main, I can make the switch and all the miners will update automatically.

On the flip side of the coin, doing so I am afraid will make the first blocks a cluster fuck of orphans and everyone will get pissed off.

Thoughts are more than welcome. My original thoughts were to wait until a couple of difficulty changes. Being as the time switch for most of us will be while we normally sleep, I thought one person awake might be better than all of us.

Oh, and if anyone wants some testnet coins, give me an address and I'll send you 10,000.

I'm inclined to ask you to wait for a day or so so we can get an established chain going.  Difficulty initially will be low enough that no one would benefit from using a pool anyway.  This hopefully will change quickly.

That's already the plan. Just wanted to make sure it wasn't needed/wanted because of the time of the switch over. I have not released the address to the pool so even though I'll have my miners pointed at it, no one else will be able to use it yet.

I think that is for the best.  Others may disagree.
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Ron Gross


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October 12, 2011, 03:36:43 PM
 #153

I'm considering opening my pool tonight so you can connect now, and then when the info is released for the main, I can make the switch and all the miners will update automatically.

Would P2Pools work for LiteCoin?
If we're trying a good, fair, "Bitcoin reboot" of sorts, how about directing people to use P2P pools from the get go?
One of the current issues in Bitcoin that I'd like to see resolved is the huge centralized pools dominating the market.

Is there a disadvantage to using P2Pool over centralized pools?

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October 12, 2011, 04:38:40 PM
 #154

Abe: www.misterx.tk

notice that only LTC Testnet now, and it is not updating(I've quitted the daemon).  I've set up a script that tries to run litecoind every 10 secs until the main chain gets online.

I'm behind a firewall and a router without upnp enabled, does it mean I'll get more orphans at the early stage?

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October 12, 2011, 06:49:18 PM
 #155

I'm inclined to ask you to wait for a day or so so we can get an established chain going.  Difficulty initially will be low enough that no one would benefit from using a pool anyway.  This hopefully will change quickly.

That's already the plan. Just wanted to make sure it wasn't needed/wanted because of the time of the switch over. I have not released the address to the pool so even though I'll have my miners pointed at it, no one else will be able to use it yet.

I think that is for the best.  Others may disagree.
I think what would be for the best would be to start with a not ridiculously low difficulty... So that people wouldn't join just for mining a quick stash during the first days then leave for the next new ccurrency launch and sit on their Litecoin stash expecting it will eventually be worth something when hypothetical late adopters will join and do the promoting job while mining at 1000 times the starting difficulty.

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grod
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October 12, 2011, 07:14:02 PM
 #156


I think what would be for the best would be to start with a not ridiculously low difficulty... So that people wouldn't join just for mining a quick stash during the first days then leave for the next new ccurrency launch and sit on their Litecoin stash expecting it will eventually be worth something when hypothetical late adopters will join and do the promoting job while mining at 1000 times the starting difficulty.

What if you guess the starting difficulty and are wrong?  Then you get no early adopters at all and your chain is completely stillborn.  Expect 4 megahash, get 30 kilohash.  Then six months until the first still vastly overinflated retarget.

No, low difficulty and the pyramiding is the only thing that works.  Best you can do is tell everyone you can about it so they have the opportunity to compete on an even footing out the door.  After it's established what happens is what happens.  The OP is doing this right.

Currency hopping is the new pool hopping.  I find it funny that less than a day now separates "early adopters" from "late adopters" in many people's eyes.


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October 12, 2011, 07:16:00 PM
 #157

I find it funny that less than a day now separates "early adopters" from "late adopters" in many people's eyes.

In this world, it is far earlier than you think.
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October 12, 2011, 07:17:27 PM
 #158

I've uploaded the latest Windows daemon. You need to download this in order to prevent a 51% attack:
    https://github.com/downloads/coblee/litecoin/litecoin-windows-daemon-10-11-2011.zip

See first post for more details.

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October 12, 2011, 07:20:03 PM
 #159

Much thanks to terrytibbs, we have a website: http://litecoin.org

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October 12, 2011, 07:34:40 PM
 #160

What if you guess the starting difficulty and are wrong?  Then you get no early adopters at all and your chain is completely stillborn.  Expect 4 megahash, get 30 kilohash.  Then six months until the first still vastly overinflated retarget.
Then maybe program more frequent retargets, at least it the earliest blocks. So you can indeed start at a difficulty that's way too low but fix that mistake before 100k coins are given away to 30 people between 3am and 3:10am. I'm not saying you need to aim for the exact hashrate, just don't pick anything ridiculously low like it happened in SC2.

Currency hopping is the new pool hopping.  I find it funny that less than a day now separates "early adopters" from "late adopters" in many people's eyes.
When 2 months worth of coins get mined within the first day, this explains that, I guess... When you join a chain say a week after it launched, and mine nothing during a whole day because there's no pool and soloing is too hard (or you mine 2 coins in a pool), and then you see a few day0-day1 posts about the client glitching with 5-10k mined coins in it, you go "mkay, I'll just try something else".

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