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Author Topic: [ANN] Litecoin - a lite version of Bitcoin. Launched!  (Read 783842 times)
Cosbycoin
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May 01, 2012, 08:35:24 PM
 #1621

That's why I said "assuming an identical hashrate"... It is true if the hash rates are (qualitatively) identical. As it is now, you probably need 100+ confirmations in litecoin to equal 6 bitcoin confirmations. Possibly way more, I don't know.

Yup and each litecoin is worth about 1200 times less than bitcoin. So I'd say based on those ratios it is secure for its tiny market value in comparison to BITCOIN
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kano
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May 01, 2012, 08:55:16 PM
 #1622

Have a read - some of the later comments about confirms etc. may help enlighten you Smiley
https://bitcointalk.org/index.php?topic=51504.0

There is no advantage here.

Quote
Most transactions in the block-chain are small and having to wait for an hour or more for a small transaction to be accepted is definitely one of the issues that makes wider adoption of Bitcoin difficult.

How does waiting 10 minutes vs. an hour make any difference to a small transaction? Are you going to sit around waiting at McDonald's for 10 minutes before they let you have your food? No. This can be solved outside of the protocol, and has already been. You assume your conclusion is true without any evidence ("begging the question").
Well, if you had bothered to read "later comments about confirms" ...

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However, it WILL reduce variance.

So will 30 second blocks.
Again - read the thread - it's all discussed there - the first post is how I started it ...
The aim was to enlighten you on what you clearly missed with your comments, I'm not gonna spoon feeding that thread to you.

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Reality: online bitcoin transaction are too slow.

Reality Opinion
Whatever Tongue

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Etlase2
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May 01, 2012, 09:06:43 PM
 #1623

I scanned the thread and there is nothing enlightening in it in regards to faster blocks, mostly just you going off about how the world is out to get you and can't understand how great your idea is.

There is no massive downside to 10 minute blocks; there is no massive upside to 2 or 2.5 minute blocks.

Cosbycoin
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May 01, 2012, 09:09:33 PM
 #1624

I scanned the thread and there is nothing enlightening in it in regards to faster blocks, mostly just you going off about how the world is out to get you and can't understand how great your idea is.

There is no massive downside to 10 minute blocks; there is no massive upside to 2 or 2.5 minute blocks.

I guess as both networks mature more these things will become more apparent.
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May 01, 2012, 09:12:38 PM
 #1625

I scanned the thread and there is nothing enlightening in it in regards to faster blocks, mostly just you going off about how the world is out to get you and can't understand how great your idea is.

There is no massive downside to 10 minute blocks; there is no massive upside to 2 or 2.5 minute blocks.

Yes, there is to early adopters, and that is block reward halving much quicker.

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Cosbycoin
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May 01, 2012, 09:16:00 PM
 #1626

I scanned the thread and there is nothing enlightening in it in regards to faster blocks, mostly just you going off about how the world is out to get you and can't understand how great your idea is.

There is no massive downside to 10 minute blocks; there is no massive upside to 2 or 2.5 minute blocks.

Yes, there is to early adopters, and that is block reward halving much quicker.

How is it any quicker? The amount of blocks that need to be produced before LTC block reward halves is 210k x 4 = 810,000 blocks.

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May 01, 2012, 09:16:20 PM
 #1627

Yes, there is to early adopters, and that is block reward halving much quicker.

Broseph, try to stay relevant. Block speed has nothing to do with block reward, and litecoin is designed to halve the reward at the same ~4yr pace as bitcoin.

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May 01, 2012, 09:17:07 PM
 #1628

The number of confirmations to accept a transaction is up to the user. Assuming an identical hashrate, it would take 24 confirmations in litecoin to equal 6 confirmations in bitcoin. And one confirmation in litecoin is 4 times easier to reverse than one confirmation in bitcoin. There is no advantage here.

The confirmation is an entry recorded in each valid new block that confirms that a transaction has occurred and is valid.  Why would 6 valid new blocks for litecoin be less valid than 6 valid new blocks for bitcoin?  In terms of probability, they should be no different.  Bitcoin uses 100 blocks for confirmation of newly discovered blocks by any client and the same is true for litecoin.

edit: Further, it's known that by probability the 24 confirmations equivalent temporally to 6 bitcoin confirmations should be more secure as long as the rate of orphan blocks is not high, which it hasn't been lately.
https://github.com/coblee/litecoin/wiki/Comparison-between-Bitcoin-and-Litecoin

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tacotime
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May 01, 2012, 09:17:45 PM
 #1629

Yes, there is to early adopters, and that is block reward halving much quicker.

Broseph, try to stay relevant. Block speed has nothing to do with block reward, and litecoin is designed to halve the reward at the same ~4yr pace as bitcoin.

Litecoin's reward halves at 200k blocks.

edit: Okay, maybe if Cosbycoin's confirmed it that isn't true.  I had thought coblee didn't change it, but I must be mistaken.

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May 01, 2012, 09:20:56 PM
 #1630

Yes, there is to early adopters, and that is block reward halving much quicker.

Broseph, try to stay relevant. Block speed has nothing to do with block reward, and litecoin is designed to halve the reward at the same ~4yr pace as bitcoin.

Litecoin's reward halves at 200k blocks.

edit: Okay, maybe if Cosbycoin's confirmed it that isn't true.  I had thought coblee didn't change it, but I must be mistaken.

If you take a look at main.cpp in the litecoin source, it shows (and hides) answers.

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Cosbycoin
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May 01, 2012, 09:45:00 PM
 #1631

Yes, there is to early adopters, and that is block reward halving much quicker.

Broseph, try to stay relevant. Block speed has nothing to do with block reward, and litecoin is designed to halve the reward at the same ~4yr pace as bitcoin.

Litecoin's reward halves at 200k blocks.

edit: Okay, maybe if Cosbycoin's confirmed it that isn't true.  I had thought coblee didn't change it, but I must be mistaken.

Just read the OP: "Litecoin generation will be halved every 840,000 blocks."
Etlase2
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May 01, 2012, 09:55:13 PM
 #1632

The confirmation is an entry recorded in each valid new block that confirms that a transaction has occurred and is valid.  Why would 6 valid new blocks for litecoin be less valid than 6 valid new blocks for bitcoin?  In terms of probability, they should be no different.  Bitcoin uses 100 blocks for confirmation of newly discovered blocks by any client and the same is true for litecoin.

Why do you insist on responding with irrelevant/incorrect information? How is difficulty/4 * 6 just as probable as difficulty * 6? "100 blocks for confirmation" has nothing to do with what we're talking about. That is only for coinbase transactions.

Quote
edit: Further, it's known that by probability the 24 confirmations equivalent temporally to 6 bitcoin confirmations should be more secure as long as the rate of orphan blocks is not high, which it hasn't been lately.
https://github.com/coblee/litecoin/wiki/Comparison-between-Bitcoin-and-Litecoin

I am not a probability expert, but I would like to see some actual math to back that up. It may be true, but it's still irrelevant to the discussion about transaction times.

kano
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May 01, 2012, 10:12:14 PM
 #1633

...
I am not a probability expert, but I would like to see some actual math to back that up. It may be true, but it's still irrelevant to the discussion about transaction times.
Spoon feeding - zero confirm transactions.
Try reading the thread again.

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Etlase2
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May 01, 2012, 10:29:34 PM
 #1634

Spoon feeding - zero confirm transactions.
Try reading the thread again.

Try not being vague. "Oh I was talking about this, now I mean this!"

Quote
You may see no difference between an average 10 minutes and an average 50 minutes, but I can GUARANTEE that more than 90% of people would see the difference.

More unsubstantiated talk.

Zero confirm transactions are no safer under Litecoin than Bitcoin. Because here is the reality: to easily and successfully pull off double spends in a retail environment, multiple people will use the same coins in different places at the same time. AFAIK both bitcoin and litecoin clients will not transmit "double spend attempts", therefore it is unlikely that a merchant will ever see a double spend to know that this is happening. This attack is far, far easier than any other, and any 13-year old script kiddie can figure it out. In 2 minutes your customer is out the door and out of your reach.

kano
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May 01, 2012, 11:53:46 PM
 #1635

Spoon feeding - zero confirm transactions.
Try reading the thread again.

Try not being vague. "Oh I was talking about this, now I mean this!"

...
No, I was talking about both.
That's why I said to read the thread.
There is quite a bit of discussion by others about different time lengths for confirms and zero confirms.
Also the issue of variance for confirms of amounts considered outside the range of zero confirms ... etc. ... etc. ...
Meh.

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Cosbycoin
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May 02, 2012, 12:20:16 AM
 #1636

In terms of if LTC will be a success or not I wouldn't count LTC out yet. When bitcoin was 7 months old there was little discussion and support for bitcoin as well.

Perhaps we all can see where LTC is in say 3 years.

EskimoBob
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May 02, 2012, 03:43:51 PM
 #1637

I have mined and bought few LTC and now I like to spend it. Any links to web shops, that accept LTC?
I do not care for gambling or pr0n.

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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May 04, 2012, 12:22:32 PM
 #1638

To GPU miners of LTC. Has it been confirmed somewhere that Reaper can destroy the memory(VRAM etc) from overheating?


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ShadowAlexey
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May 07, 2012, 11:54:37 PM
 #1639

Well it seems that my 6950 got something weird with texture buffer, they are blinking time to time. 5850 and 5830 are fine, i mined with gpu for over a week or two. It probably if hardware bug which showed up at high load.
Even thou 6950 is still mining and is stable. But blinking textures ruin the game comfort.

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bulanula
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May 09, 2012, 04:24:59 PM
 #1640

Can anybody help me out here ?

I am getting this error on Mac OS X 10.5.8 :

Dyld Error Message:
  Symbol not found: __ZNKSt13bad_exception4whatEv
  Referenced from: /Applications/Litecoin-Qt.app/Contents/MacOS/Litecoin-Qt
  Expected in: /usr/lib/libstdc++.6.dylib

Also related thread without solution : https://bitcointalk.org/index.php?topic=55105

Still have no solution for this Cry

What can I do ? How to compile from source on Mac OS X 10.5.8 Huh
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