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

[coblee]

Whats going on with my Litecoin?

Code:

# ~/litecoin/src/litecoind getbalance
4270.75610502
$ ~/litecoin/src/litecoind sendtoaddress MY_LTC_ADDRESS 4000.0
error: {"code":-4,"message":"Error: Transaction creation failed  "}

my litecoin source code is already up-to-date...

Thanks!
Thiago

So, I "lost" my Litecoins ?!

It may be transaction spam. Have you tried sending a smaller amount?
If you paste your debug.log output, that would help.

[Vod]

Is there any chance that litecoin can be changed to again be GPU hostile?

[bulanula]

Is there any chance that litecoin can be changed to again be GPU hostile?

This would be a BRILLIANT idea IMHO !

Let's do it, coblee !

[ThiagoCMC]

Whats going on with my Litecoin?

Code:

# ~/litecoin/src/litecoind getbalance
4270.75610502
$ ~/litecoin/src/litecoind sendtoaddress MY_LTC_ADDRESS 4000.0
error: {"code":-4,"message":"Error: Transaction creation failed  "}

my litecoin source code is already up-to-date...

Thanks!
Thiago

So, I "lost" my Litecoins ?!

It may be transaction spam. Have you tried sending a smaller amount?
If you paste your debug.log output, that would help.

I don't know anymore... I hear that thing about transaction spam loooong time ago... So, I upgrade my litecoind to solve this, because people tell me to upgrade to solve the spam problem...
This litecoind with problem have only 1 use, with my P2Pool node...
Fresh install with latest code, used only with P2Pool... Spammed too?!

:-/

[coblee]

Whats going on with my Litecoin?

Code:

# ~/litecoin/src/litecoind getbalance
4270.75610502
$ ~/litecoin/src/litecoind sendtoaddress MY_LTC_ADDRESS 4000.0
error: {"code":-4,"message":"Error: Transaction creation failed  "}

my litecoin source code is already up-to-date...

Thanks!
Thiago

So, I "lost" my Litecoins ?!

It may be transaction spam. Have you tried sending a smaller amount?
If you paste your debug.log output, that would help.

I don't know anymore... I hear that thing about transaction spam loooong time ago... So, I upgrade my litecoind to solve this, because people tell me to upgrade to solve the spam problem...
This litecoind with problem have only 1 use, with my P2Pool node...
Fresh install with latest code, used only with P2Pool... Spammed too?!

:-/

How many litecoins do you get when p2pool finds a block? How many p2pool transactions have you received?
p2pool transactions can be mistaken as transaction spam if the amount is too small.

[ThiagoCMC]

I earn about ~1.7464 LTC when a block is found.
Anyway, I was able to send 1000.00 LTC now...
Thanks!

[coblee]

I earn about ~1.7464 LTC when a block is found.
Anyway, I was able to send 1000.00 LTC now...
Thanks!

I assume this was you: http://abe.liteco.in/tx/4bb8fced6d36f7859bf529984b8907151950f53c7fa38287f58d9cf7a66ee506
As you can see, because you had so many p2pool transactions, it required 115 inputs to send out 1000 LTC. The transaction size was large and required a large fee. That's one of the disadvantages of p2pool.
The client probably had trouble creating a 4000 LTC transaction with >400 inputs. debug.log would probably tell you why. Your best bet is to consolidate your coins into 1000 coins and then combine them into 4000 if you need to.

[Fuzzy]

Is there any chance that litecoin can be changed to again be GPU hostile?

Confidence in Litecoin took a huge blow when it turned out that GPUs were in fact better suited for mining than CPUs, which completely contradicted what the developers claimed at launch.

CPU dominance was the primary reason for my interest and investment in Litecoin, and I had great plans for it. That is no longer the case. I will be holding on to my litecoins, though I am now waiting for a true CPU only Crypto-Currency to take it's place.

The issue was mitigated at the time by the fact that it was still better to mine Bitcoins and buy litecoins with them, rather than mine LTC via GPU directly. But LTC has officially been thrown into the ring with BTC, and if the exchange is any indication, the outlook is grim. You could literally halve it's trading value right now with a few hundred dollars.

If it is to survive, it will need a "killer feature" and serve an actual purpose.

I don't want to discourage people, but I think the litecoin devs need a prod and a wakeup. Litecoin still has a healthy network of hashing power, and is in a good position to make a recovery, given the right changes.

I am not a developer by any stretch, but with the coming of FPGAs and ASICs onto the Bitcoin scene, coupled with the reward split, there are going to be a lot of Ex-Bitcoin GPUs floating around, and I bet a fair number will find their way onto the Litecoin Network.

This may be when Litecoin becomes the "silver" to bitcoin, but there are so many assumptions there, the outlook is a complete wash.

Personally, I would like to see the Litecoin decimal move 1 digit to the right ( for a limit of 840,000,000 coins) as I don't believe a mere "4x BTC limit" is going to be enough if LTC becomes a "cash" to Bitcoins "Gold".

Having a reward drop of 10% per 10% "remaining coins mined" would also be a great improvement over bitcoins 50% drop per 50% "remaining coins mined".

However, GPU hostility is impossible to do with Litecoin, as that sort of change would create a whole new chain/network.

[Cosbycoin]

Is there any chance that litecoin can be changed to again be GPU hostile?

Confidence in Litecoin took a huge blow when it turned out that GPUs were in fact better suited for mining than CPUs, which completely contradicted what the developers claimed at launch.

CPU dominance was the primary reason for my interest and investment in Litecoin, and I had great plans for it. That is no longer the case. I will be holding on to my litecoins, though I am now waiting for a true CPU only Crypto-Currency to take it's place.

The issue was mitigated at the time by the fact that it was still better to mine Bitcoins and buy litecoins with them, rather than mine LTC via GPU directly. But LTC has officially been thrown into the ring with BTC, and if the exchange is any indication, the outlook is grim. You could literally halve it's trading value right now with a few hundred dollars.

If it is to survive, it will need a "killer feature" and serve an actual purpose.

I don't want to discourage people, but I think the litecoin devs need a prod and a wakeup. Litecoin still has a healthy network of hashing power, and is in a good position to make a recovery, given the right changes.

I am not a developer by any stretch, but with the coming of FPGAs and ASICs onto the Bitcoin scene, coupled with the reward split, there are going to be a lot of Ex-Bitcoin GPUs floating around, and I bet a fair number will find their way onto the Litecoin Network.

This may be when Litecoin becomes the "silver" to bitcoin, but there are so many assumptions there, the outlook is a complete wash.

Personally, I would like to see the Litecoin decimal move 1 digit to the right ( for a limit of 840,000,000 coins) as I don't believe a mere "4x BTC limit" is going to be enough if LTC becomes a "cash" to Bitcoins "Gold".

Having a reward drop of 10% per 10% "remaining coins mined" would also be a great improvement over bitcoins 50% drop per 50% "remaining coins mined".

However, GPU hostility is impossible to do with Litecoin, as that sort of change would create a whole new chain/network.

You forget that even while mining with a GPU the speed factor is a factor of 10 unlike bitcoin which is more like a factor of 100 or a 1000. Mining litecoins with a GPU is not profitable FYI.

[pooler]

You forget that even while mining with a GPU the speed factor is a factor of 10 unlike bitcoin which is more like a factor of 100 or a 1000. Mining litecoins with a GPU is not profitable FYI.

Yes, but please keep the numbers real: it's more like 10x for scrypt (Litecoin) versus 20x for SHA-256d (Bitcoin).

[LoWang]

You forget that even while mining with a GPU the speed factor is a factor of 10 unlike bitcoin which is more like a factor of 100 or a 1000. Mining litecoins with a GPU is not profitable FYI.

I believe you meant "mining litecoins is not profittable"

[Cosbycoin]

You forget that even while mining with a GPU the speed factor is a factor of 10 unlike bitcoin which is more like a factor of 100 or a 1000. Mining litecoins with a GPU is not profitable FYI.

I believe you meant "mining litecoins is not profittable"

That was in response to a post bout "mining litecoins"....i figured it was obvious what I was talking about.

[Cosbycoin]

You forget that even while mining with a GPU the speed factor is a factor of 10 unlike bitcoin which is more like a factor of 100 or a 1000. Mining litecoins with a GPU is not profitable FYI.

Yes, but please keep the numbers real: it's more like 10x for scrypt (Litecoin) versus 20x for SHA-256d (Bitcoin).

Uhh if I mine bitcoin with my dual core processor I might get 2 mh/s

With a HD Radeon 6990 I get about 680 Mh/s

So you do the math.......

The difference is much more than 20x as you claim.

[Cosbycoin]

Is there any chance that litecoin can be changed to again be GPU hostile?

This would be a BRILLIANT idea IMHO !

Let's do it, coblee !

+1

LOL now there would be a semi-early adopter status if you mined with GPUs before the new update to be GPU hostile.

[LoWang]

You forget that even while mining with a GPU the speed factor is a factor of 10 unlike bitcoin which is more like a factor of 100 or a 1000. Mining litecoins with a GPU is not profitable FYI.

I believe you meant "mining litecoins is not profittable"

That was in response to a post bout "mining litecoins"....i figured it was obvious what I was talking about.

I got it, but you did not get my sarcasm :-] I guess you don't sell LTC much do you?

[pooler]

You forget that even while mining with a GPU the speed factor is a factor of 10 unlike bitcoin which is more like a factor of 100 or a 1000. Mining litecoins with a GPU is not profitable FYI.

Yes, but please keep the numbers real: it's more like 10x for scrypt (Litecoin) versus 20x for SHA-256d (Bitcoin).

Uhh if I mine bitcoin with my dual core processor I might get 2 mh/s

With a HD Radeon 6990 I get about 680 Mh/s

So you do the math.......

The difference is much more than 20x as you claim.

But then you are comparing a low-end CPU with a high-end GPU (well, actually a card with 2 high-end GPUs).

Typically on a high-end CPU you get about 20 MH/s on Bitcoin, or about 40 kH/s on Litecoin.
On a high-end GPU you can get about 400 MH/s on Bitcoin, or about 400 kH/s on Litecoin.

The BTC/LTC speed ratio is about 1000:1 for GPUs, but only about 500:1 for CPUs, i.e., CPUs are still two times more efficient than GPUs when it comes to scrypt.

[The Koolio]

Hi guys, Ive had my rig pointed at bitcoin for a long time an wanted to shift to litecoin. Unfortunatley no matter what I do I cant get a simple 5870 xfx to work. All i get is error 6 cant connect etc... I have been running reaper... not one pool or solo mining thing will get me to work. Any ideas what i could be missing with this. I have tried a couple of pools but no luck.

btw anyone wants to see my rig: http://www.youtube.com/watch?v=TBXBB5sy5sA

[The Koolio]

http://tinypic.com/r/vnd0cp/6

[Fuzzy]

Typically on a high-end CPU you get about 20 MH/s on Bitcoin, or about 40 kH/s on Litecoin.
On a high-end GPU you can get about 400 MH/s on Bitcoin, or about 400 kH/s on Litecoin.

This is closer to the real world performance that I've see, but regardless, LTC is not GPU hostile. If you want to mine LTC, you're far better off getting a PC with 5 GPUs than getting 5 CPUs, just like BitCoin.

[Cosbycoin]

You forget that even while mining with a GPU the speed factor is a factor of 10 unlike bitcoin which is more like a factor of 100 or a 1000. Mining litecoins with a GPU is not profitable FYI.

Yes, but please keep the numbers real: it's more like 10x for scrypt (Litecoin) versus 20x for SHA-256d (Bitcoin).

Uhh if I mine bitcoin with my dual core processor I might get 2 mh/s

With a HD Radeon 6990 I get about 680 Mh/s

So you do the math.......

The difference is much more than 20x as you claim.

But then you are comparing a low-end CPU with a high-end GPU (well, actually a card with 2 high-end GPUs).

Typically on a high-end CPU you get about 20 MH/s on Bitcoin, or about 40 kH/s on Litecoin.
On a high-end GPU you can get about 400 MH/s on Bitcoin, or about 400 kH/s on Litecoin.

The BTC/LTC speed ratio is about 1000:1 for GPUs, but only about 500:1 for CPUs, i.e., CPUs are still two times more efficient than GPUs when it comes to scrypt.

THATS THE WHOLE POINT! THE FACT THAT THOSE TWO EXTREMES EXIST TO MINE BITCOINS IS MY POINT. YOU TAKE THE SAME TWO EXTREMES AND USE IT ON LITECOIN MINING AND THE DESPARITY IS LIKE 10X NOT LIKE WITH BITCOIN ITS LIKE 100 OR MORE TIMES....U GOT IT NOW?