(Unofficial) [ANN] Litecoin [LTC] to X11 algorithm hardfork

[Maged]

I find it very concerning that the main developers aren't behind this and may not even have had an opportunity to view this proposal, let alone comment on it. I also find it very concerning how lightly these guys are taking the idea of a hard fork. To hard fork a chain as established as Litecoin is without some chain-breaking emergency going on (i.e. Scrypt found to be completely broken), you need at least a year and a very good plan. The premise of leaving a placeholder for the new client downloads and making it seem like a block has already been chosen for the fork is misleading at best, if not outright fraudulent.

Therefore, in the interest of protecting the Bitcoin community, I have rightly flagged this thread as unofficial. You should be ashamed of having posted this.

[hellscabane]

I find it very concerning that the main developers aren't behind this and may not even have had an opportunity to view this proposal, let alone comment on it. I also find it very concerning how lightly these guys are taking the idea of a hard fork. To hard fork a chain as established as Litecoin is without some chain-breaking emergency going on (i.e. Scrypt found to be completely broken), you need at least a year and a very good plan. The premise of leaving a placeholder for the new client downloads and making it seem like a block has already been chosen for the fork is misleading at best, if not outright fraudulent.

Therefore, in the interest of protecting the Bitcoin community, I have rightly flagged this thread as unofficial. You should be ashamed of having posted this.

Thank you for doing this. Going renegade is not the way to go about enacting what someone may think is "the correct change."

[MisO69]

LTC needs to stay scrypt to support and benefit from the scrypt asics. Why can't you just be content with mining Darkcoin? There are plenty of GPU farms out there that will certainly switch to that coin once the 250Mh KnC units begin arriving.

[splawik21]

LTC needs to stay scrypt to support and benefit from the scrypt asics. Why can't you just be content with mining Darkcoin? There are plenty of GPU farms out there that will certainly switch to that coin once the 250Mh KnC units begin arriving.

Agree, change the coin which mines X11, I mine DRK and I`m very satisfied.

[HooDude]

Do it!!!

[Beeker]

I find it very concerning that the main developers aren't behind this and may not even have had an opportunity to view this proposal, let alone comment on it. I also find it very concerning how lightly these guys are taking the idea of a hard fork. To hard fork a chain as established as Litecoin is without some chain-breaking emergency going on (i.e. Scrypt found to be completely broken), you need at least a year and a very good plan. The premise of leaving a placeholder for the new client downloads and making it seem like a block has already been chosen for the fork is misleading at best, if not outright fraudulent.

Therefore, in the interest of protecting the Bitcoin community, I have rightly flagged this thread as unofficial. You should be ashamed of having posted this.

To prevent confusion I have removed the blocknumber for the hardfork from the title.
As said before, the blocknumber is subject to change and not set in concrete.

A coin and blockchain is not owned by any developer and or group and if a majority of the people holding, mining, running exchanges and pools are behind a hardfork, nothing can stop it.

If there is no support by a majority to be found for a hardfork, there will be no hardfork.
As said before, we will take several months to prepare this and gain support.
We hope to get the developerteam of Litecoin behind us but they rejected changes and ideas before. Very conservative and we think they are not doing a good job for LTC.

You as a moderator on this forum, can probably see my real IP and my senior username. That should be enough to proof you're not dealing with a fraud or a rookie.

To preserve LTC for the future, it's now time to make decisions.

[Sylon]

The logos are dope.

[harveyweizhao]

I don't have an ASIC machine, and would be love to mine on the LTC-X11 with CPU.

[Alibell854]

Why would I build another GPU rig for $2200 when i can get a Script Asic miner that hashes 3 times as much with less power and costs me less than $400?

The low cost high efficiency Asic machines make it even easier for everyone to mine litecoin for much less than using GPUs. So they should help to maintain decentralization. Basically anyone get > 8 MHS for $0.04 per kHs and use a ton less electricity than GPUs.

I might even give away my GPUs just to replace them with 30 Fibonacci recursions per GPU on my mining rig. Way cheaper way to get great hashing power on one rig and at a much lower price per kHs. I just can't see how that will decrease decentralization. Everyone can do the same without buying a KNC Titan.

[DieCommieScum]

Why not just switch to (the original X11 coin) DarkCoin? It actually has useful other features like DGW and DarkSend

[ghur]

I'll be honest, this thread gave me a good laugh.

Now that was a giant waste of your time, OP.

[Hueristic]

We cannot say it was really a ninja launch, there was a thread mentioning that a new coin would be launched. Just the hour of the launch wasn't mentioned.

Regarding the 7am launch time, depends which country you live in.

But this thread is for discussing the X11 for LTC, ASICS will probably make the price go up, but they'll stay in the hands of few.

Lets keep this on topic, those that advertise other coins in this thread get the obligatory ignore.

[Hueristic]

I find it very concerning that the main developers aren't behind this and may not even have had an opportunity to view this proposal, let alone comment on it. I also find it very concerning how lightly these guys are taking the idea of a hard fork. To hard fork a chain as established as Litecoin is without some chain-breaking emergency going on (i.e. Scrypt found to be completely broken), you need at least a year and a very good plan. The premise of leaving a placeholder for the new client downloads and making it seem like a block has already been chosen for the fork is misleading at best, if not outright fraudulent.

Therefore, in the interest of protecting the Bitcoin community, I have rightly flagged this thread as unofficial. You should be ashamed of having posted this.

Good tag, but we all know this can never happen without Dev approval so it is a good discussion to have. After all As far as I know LTC was specifically intended to be ASIC proof. Or am I wrong on this?

[jussdf]

Did this thread have been success?

[ivanlabrie]

X11 is stupid, only algo that is asic proof is scrypt chacha with scheduled N factor changes on a rather frequent schedule. Frequent enough to put down asic development.

[jayson3]

Cryptocurrencies live or die by Metcalf's law - the network effect.  The value of the network increases nonlinearly with the number of users.

Litecoin is the #2 crypto by market cap and is beginning to get some merchant adoption.  If it is forcibly split into two chains, the value of both chains will likely be less than today's total.  Uncertainty will kill merchant interest. Two smaller, weaker versions of litrecoin, divided, will both fail and be surpassed by others that are more stable.

Cryptos do not exist for the miners.  Mining is a service to secure the chain.  It should be hard.  In a mature system, mining should earn low single digit % returns, otherwise the coin is no better than a bank.

[AlexGR]

X11 is stupid, only algo that is asic proof is scrypt chacha with scheduled N factor changes on a rather frequent schedule. Frequent enough to put down asic development.

No such thing as asic-proof with most common algorithms. If the schedule is known in advance, an ASIC designer can make the necessary accommodations.

If on the other hand the coin is protected by the will of the devs to hardfork to something slightly different, then any algorithm is ok. For example just as scrypt-n could change the n factor, X11 could hardfork to reverse the flow of hashing between some hash types, thus braking ASIC functionality that expects the flow to go a certain way. Or even adding another two three hashes and making it X12/X13/X14/X15 etc.

[litecoin_messiah]

LOL you ain't doing this for Litecoin mate, not as long as i'm breathing/

[hashnine]

wtf? lol.. thats actually possible?? hard fork it when youre not the dev?

Yes it is.

Hi, is there any Litecoin offical statement from litecoin develop group?

We don't need the Litecoin developers.
We need the majority to support this to make this hardfork work.

The developer group doesn't have any power when the majority supports a hardfork.

So because you want to change the creation of the devs or because the peoples want, you will? it's not your creation man...

You're a fcking nazi.

Just for money.... you are ready to make anything.

[ivanlabrie]

wtf? lol.. thats actually possible?? hard fork it when youre not the dev?

Yes it is.

Hi, is there any Litecoin offical statement from litecoin develop group?

We don't need the Litecoin developers.
We need the majority to support this to make this hardfork work.

The developer group doesn't have any power when the majority supports a hardfork.

So because you want to change the creation of the devs or because the peoples want, you will? it's not your creation man...

You're a fcking nazi.

Nope, a community takeover isn't bad...thing is it probably won't happen. Yacoin had one, the dev went missing and more capable people took over.