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BitcoinPorn
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November 30, 2011, 03:34:52 AM |
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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  |
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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mrx
Member
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Activity: 86
Merit: 10
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November 30, 2011, 05:11:50 AM |
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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 and it's protected now because of a latest violation of RR3 (I know they don't have that rule, so edit war?). however litecoin and solidcoin are the only cc`s on bitcoin wiki  |
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terrytibbs
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November 30, 2011, 06:38:48 AM |
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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. Guilty until proven innocent, eh! |
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kano
Legendary
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Activity: 4466
Merit: 1798
Linux since 1997 RedHat 4
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November 30, 2011, 10:17:37 AM |
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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. Guilty until proven innocent, eh! Well ... that's the law in France ...  |
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FlipPro
Legendary
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Activity: 1764
Merit: 1015
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December 01, 2011, 12:43:03 AM |
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I have to say I am happy that Litecoin and all the alternative currency's are here. I have learned a ton about Bitcoin simply by hanging out in this section and reading all of your posts. I have begun to realize through intense philosophical and technical analysis that Bitcoin is truly king...
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boonies4u
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December 01, 2011, 08:15:51 AM |
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I have to say I am happy that Litecoin and all the alternative currency's are here. I have learned a ton about Bitcoin simply by hanging out in this section and reading all of your posts. I have begun to realize through intense philosophical and technical analysis that Bitcoin is truly king...
and litecoin is the queen? |
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FlipPro
Legendary
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Activity: 1764
Merit: 1015
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December 01, 2011, 08:27:50 AM |
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I have to say I am happy that Litecoin and all the alternative currency's are here. I have learned a ton about Bitcoin simply by hanging out in this section and reading all of your posts. I have begun to realize through intense philosophical and technical analysis that Bitcoin is truly king...
and litecoin is the queen? No, Litecoin is a copy of Bitcoin with no "real" improvements. EDIT: A third party service could (and probably will) replace LTC and all other Alt currency's, simply by allowing "instant" BTC payments, and some sort of fraud + BTC vault protection. |
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JA37
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December 01, 2011, 12:43:43 PM |
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I tried mining some LTC and I got 100LTC from mining in 50 coin chunks. I do however have 4 transactions listed, so it seems like I have 2 transactions that didn't give me any coins. Is that normal? Why is it this way?
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terrytibbs
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December 01, 2011, 03:37:36 PM |
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I tried mining some LTC and I got 100LTC from mining in 50 coin chunks. I do however have 4 transactions listed, so it seems like I have 2 transactions that didn't give me any coins. Is that normal? Why is it this way?
Those are (probably) orphans. They're hidden from the transaction view in the official client, but you'll see them if you activate the RPC server of the GUI client or start a daemon and run |
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JA37
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December 01, 2011, 03:48:24 PM |
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I tried mining some LTC and I got 100LTC from mining in 50 coin chunks. I do however have 4 transactions listed, so it seems like I have 2 transactions that didn't give me any coins. Is that normal? Why is it this way?
Those are (probably) orphans. They're hidden from the transaction view in the official client, but you'll see them if you activate the RPC server of the GUI client or start a daemon and run So I almost had 50 extra LTC but was declared the loser. Oh well. |
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kano
Legendary
Offline
Activity: 4466
Merit: 1798
Linux since 1997 RedHat 4
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December 01, 2011, 08:38:04 PM |
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Orphans are actually common when solo mining the alt chains. If I use "listtransaction * 20000" (I did early solo mining but also received a lot of LTC dust so I need a large number there ...) I see a lot of orphans ... specifically ... 90 of them (and 99 generate) |
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terrytibbs
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December 04, 2011, 05:33:29 PM |
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We just hit diff 0.98673512!
Average time to find a block for every 1KH/s is now 49.05 Days.
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g2x3k
Full Member
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Activity: 147
Merit: 100
PooL-X.eu
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December 06, 2011, 02:21:37 PM |
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its looking good and looks like its staying up there ... allchains reporting a estimated change of only -7% so still +0.9 diff in two days time hopefually +1  |
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bronan
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December 07, 2011, 03:19:47 PM |
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I somehow seem to stumble upon a weird problem with the use of p2pool and the 5.0.4 litecoind.exe
Even though payouts are being done to the assgined adresses you can not see them.
I tried litecoind getbalance over a long period of time but it does not matter how long it runs they simply stay the same. i have to close the deamon and start the gui to see that payements has come in
At first i thought its the p2pool but i start to think its a bug in litecoind
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libertytrader
Newbie
Offline
Activity: 19
Merit: 0
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December 16, 2011, 01:46:32 AM |
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Can you please make the litecoin client NOT START MINING? At least make an option to turn it off. It makes loading the program way too slow.
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terrytibbs
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December 16, 2011, 01:48:57 AM |
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Can you please make the litecoin client NOT START MINING? At least make an option to turn it off. It makes loading the program way too slow.
It doesn't. |
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Vanderbleek
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December 16, 2011, 01:56:41 AM |
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Does your .conf have gen=1 in it?
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coblee (OP)
Donator
Legendary
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Activity: 1653
Merit: 1286
Creator of Litecoin. Cryptocurrency enthusiast.
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December 19, 2011, 07:23:09 PM |
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In case people haven't seen, pooler worked on an optimized version of minerd that is up to twice as fast as the previous fastest miner! See: https://bitcointalk.org/index.php?topic=55038.0 |
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someguy123
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December 19, 2011, 11:03:46 PM |
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Remember to spread the word about litecoin, the more users we have, the more services we have, = a much better future for it. Been about 3 weeks, mined around 400 LTC so far from pool-x Plus I've started a great litecoin service which should encourage new users to at least try it out, LTC InstaWallet |
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