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

[MaxSan]

its a retarded time of day. thanks americans. helpful as always ¬_¬

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[coblee]

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".

The difficulty is not too low. I'm sticking with Tenebrix difficulty, which starts at 0.00024414.
1 khash/s will find a block every 17.5 minutes. You can do the math for your own machine. I don't think this is too low.

[terrytibbs]

its a retarded time of day. thanks americans. helpful as always ¬_¬

That's democracy for you!

[coblee]

its a retarded time of day. thanks americans. helpful as always ¬_¬

That's democracy for you!

If more Europeans voted, it would be a retarded time for Americans. LOL

I tried to make this as fair as possible. 3AM GMT is the worse time for me out of the 4, but I have to stick to it.

[localhost]

The difficulty is not too low. I'm sticking with Tenebrix difficulty, which starts at 0.00024414.
1 khash/s will find a block every 17.5 minutes. You can do the math for your own machine. I don't think this is too low.

It pretty much means that one single computer can run the whole chain at its target speed of 1 block every 2.5minutes. Of course it's too low...  

[ama]

The difficulty is not too low. I'm sticking with Tenebrix difficulty, which starts at 0.00024414.
1 khash/s will find a block every 17.5 minutes. You can do the math for your own machine. I don't think this is too low.

Will we have any chance to download the blockchain and start mining if it takes us a couple of minutes to start, then?  Or will it happen like with SC2 (you never get a chance because your boxe can get to the current block fast enough to ever start mining)?

[localhost]

Will we have any chance to download the blockchain and start mining if it takes us a couple of minutes to start, then?  Or will it happen like with SC2 (you never get a chance because your boxe can get to the current block fast enough to ever start mining)?

I'd say probably like SC 2 after 6-12 hours. 

[coblee]

The difficulty is not too low. I'm sticking with Tenebrix difficulty, which starts at 0.00024414.
1 khash/s will find a block every 17.5 minutes. You can do the math for your own machine. I don't think this is too low.

It pretty much means that one single computer can run the whole chain at its target speed of 1 block every 2.5minutes. Of course it's too low...  

Please explain how one computer can run the whole chain?

[localhost]

Please explain how one computer can run the whole chain?

Ok, maybe I misphrased that, all I meant was that at that difficulty, with only one computer on the network you'd already be able to find blocks at the target speed of one block every 2.5 minutes.

[ama]

I'd say probably like SC 2 after 6-12 hours. 

So, not the smallest chance to mine anything, right?  I'd be happy if I could mine one block.  It'd be exiting, I've never mined one (except for the Litecoin testnet, of course).

[simonk83]

Quick question, is there a way to see how "fast" you're mining in the Windows client?

Ta

[localhost]

So, not the smallest chance to mine anything, right?  I'd be happy if I could mine one block.  It'd be exiting, I've never mined one (except for the Litecoin testnet, of course).

You can never know, it would massively depend on network luck so I'd say you'd still have a chance to mine a block indeed. It would just be more a matter of latency than a matter of hashrate. Also after the first diff increase it will probably be easier to catch up with the chain too, because the diff adjustment is much steeper than in SC.

[ama]

You can never know, it would massively depend on network luck so I'd say you'd still have a chance to mine a block indeed. It would just be more a matter of latency than a matter of hashrate. Also after the first diff increase it will probably be easier to catch up with the chain too, because the diff adjustment is much steeper than in SC.

I think I should go to sleep and get up at my usual times and don't worry about mining until there is a pool I can join.  Let see if I m clever enough to do it or stupid enough to waste the whole night.   

[coblee]

IMPORTANT

Here's the deal on the launch. The launch will happen in less than 7 hours at 3AM GMT. At that time, I will reply to this post with a comment that looks like:

Code:

block_nTime=####
block_nNonce=####

You will need add these 2 lines to your litecoin.conf file and then remove the testnet=1 line. Restart your client and you will be on the real chain. And then you can mine away.

For those of you that are not going to be awake for this, there is a solution. You will need to know how to set up a cronjob or something. Immediately after the launch, terrytibbs will upload a litecoin.conf file with the correct stuff at this location: http://litecoin.org/downloads/litecoin.conf

And the file will look like this:

Code:

rpcuser=miner
rpcpassword=litecoin
server=1
 
// Genesis hash will replace this line.

If you try now, you will get a 404 error. So please keep trying until you get a file. Please note that daemon=1 is not set, so if you want to run your litecoind as a daemon, you need to pass it in: "./litecoind -daemon"
The reason why we don't set that automatically is because it will crash the GUI.

To test your cron job, we've uploaded a sample file to http://litecoin.org/downloads/litecoin.conf.sample
If people have a working cron job shell script, please post it here to help others out.

Lastly, sometime after the launch, I will check in the code with the geneis block AND a new block hash lock. This is another step to prevent a 51% attack. If you don't want your mined coins to be stolen by a 51% attack, please download that new code (or binary) and run it. I will post about that when I have it checked in.

[wknight]

ama.. i would try.. it doesnt hurt to try

[ama]

ama.. i would try.. it doesnt hurt to try

I'm teaching a class at 8am (6am GMT).  It'll hurt my class if I don't get a good sleep this night.

[ama]

Lastly, sometime after the launch, I will check in the code with the geneis block AND a new block hash lock. This is another step to prevent a 51% attack. If you don't want your mined coins to be stolen by a 51% attack, please download that new code (or binary) and run it. I will post about that when I have it checked in.

What do you mean by "sometime" after the launch?  Minutes?  Hours?

What will happen between you change the code and we download it, compile it, and run it?  Will the old one we will be running useless at all?

[bulanula]

I still cannot believe how people will fall for this scamchain launch. Avoid. No exchange sucks too etc. !!!

[michaelmclees]

Lastly, sometime after the launch, I will check in the code with the geneis block AND a new block hash lock. This is another step to prevent a 51% attack. If you don't want your mined coins to be stolen by a 51% attack, please download that new code (or binary) and run it. I will post about that when I have it checked in.

What do you mean by "sometime" after the launch?  Minutes?  Hours?

What will happen between you change the code and we download it, compile it, and run it?  Will the old one we will be running useless at all?

The old one will work just fine, but downloading the new one may prevent your blocks from being orphaned by a 51% attacker.

[norulezapply]

I still cannot believe how people will fall for this scamchain launch. Avoid. No exchange sucks too etc. !!!

You're the one that was wanting it to be released and Intel optimized so badly.
You're such a dumbass.




Anyway,

Please note that daemon=1 is not set, so if you want to run your litecoind as a daemon, you need to pass it in: "./litecoind -daemon"

Is this actually necessary? Anybody know for sure? Because mine works just fine with only server=1 in my config.

Cheers