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

[aristaios]

So basically Hirocoin without all the extra features?

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[mohammad123]

very nice

[Beeker]

So basically Hirocoin without all the extra features?

It's Litecoin using the same algorithm as DarkCoin and HiroCoin.

Litecoin used the scrypt algorithm from Tenebrix.
We see a huge growth of hashrate coming from scrypt ASICS.

We feel it's time to move LTC to another algorithm that makes it ASIC resistant and more decentralized.

[luke997]

So basically Hirocoin Darckcoin without all the extra features?

Fixed for you.

[thelonecrouton]

I wish you luck (I'm not into LTC in any way presently) but it's going to be a struggle, most people are completely clueless. ASICs have been shipping for months and idiots are still releasing new scrypt coins... bigger idiots are buying ASICs thinking they'll make a killing - they had better make that killing in the next two months, tops...

I've been backing scrypt-n since I started mining a month ago, the writing was on the wall for scrypt then. Now mining some X11 coins too. Scrypt is history.

[BotwinBG]

idiots.

and no x11 asics will come, no one is interested in investing millions in chip design for some halfbaked algo mashup.

[Beeker]

This has to be an early April Fool joke right?

It is actually your topic, "Scrypt mining is dead", that made us even more aware of the challenges LTC has to face in the forthcoming months.

https://bitcointalk.org/index.php?topic=529111

[pinoyminer1977]

If this is true, I will support this all the way as I have no Asic scrypt miners

[slapper]

Ah, what a delicious provocation ! I love it.

Good luck getting enough people to accept the fork though. Do you really think all those people with ASICS or ordered ASICS are going to brick their investment ?

Instead, why not switch to an existing X11 coin ?

Just like you did right? Do you see any irony in this or you have just pretty much decided to be a shameless prick around here?

[sudukkk]

WoW, It's a big idea.
A X11 algo's LTC will be ASIC resistant for a long time.
I think I will mine this.

Maybe we call it LTCX?  

[Djinou94]

Just do it!

[Beeker]

Please vote:

https://bitcointalk.org/index.php?topic=549592.0

[ibukovec]

So we need an successful 51% attack for the fork?

[flower1024]

So we need an successful 51% attack for the fork?

no
a 51% attack cannot change the algo.
its just a new coin with pre-initialized balances (eg premining

[Jherek]

idiots.

and no x11 asics will come, no one is interested in investing millions in chip design for some halfbaked algo mashup.

People still think, they can beat ASICs with algorithm. Scrypt felt, Scrypt-n is next. It's just a matter of time and interest.
Why don't you hardfork to POS? Thats the only way to stop ASICs.

[stewart2012]

i like this idea but how can we support it ?

[Beeker]

So we need an successful 51% attack for the fork?

We need a majority of pools, exchanges and users to update their clients / daemons to the new hardfork.
The blockcount of 564,480 is not set in concrete and may be subject to changes until we have a large enough support base for the hardfork.

[mymym1n3r]

I think it is good to discuss this in detail and see if a significant enough portion of the community is interested.  I know I could personally get a fair share of miners to back this (fair share meaning not near enough to matter.)  At the same time companies that are invested in ASICS and people who have bought them are going to probably spend a fair deal of coin going as far as to pay off the development team not to alter it.

You say you want the developers help, but I see no mention of this on the litecoin talk forums?  There is a whole discussion about going to N-factor that has basically be let to die.

This is going to involve a great deal of community support and discussion.  You will need to be open to changing your initial ideas and finding some compromise. (Perhaps with enough discussion a compromise can be found that satisfies both GPU miners to keep it decentralized and ASIC miners to keep the network robust?  Honestly, this is going to require some time and work.)  As a result I find it foolish to declare a block to "fork" this.

I do believe if enough effort and conversation happens there can be enough improvement to the litecoins that maybe we can make this coin serious enough to be a BTC competitor; but someone is going to have to garner support and dedicate a ton of time.  And you are going to need some support from the development staff, even if you move forward without their blessing.

Either way, good to see a conversation started.  In my opinion this has a long ways to go before it will be a success.  We will see how much work you and the community are willing to put in to this.  If you are serious, you might want to kiss your life goodbye for a while  Even if just from keeping the conversation going and promoting.

Anyway, I look forward to hearing your plans in more detail; and I strongly recommend that we look for some compromise between ASICs and decentralization if this is serious.

[ig0tik3d]

why litecoin, why not bitcoin?))

[ibukovec]

So it is an 51 % attack (kind of). If 51% of users take the new wallet and algo the others cant do anything about it?