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

[flower1024]

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?

just guessing: ltc still has more gpu power than asics.

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[flower1024]

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?

51% attack cannot change the pow algo

[atc1]

How are you going to get it on the exchanges?

Why X11 and not something else like SHA-3 or SHA-512/Momentum/Primechain etc.?

Does "we" include any of the devs? If so,how many?

How is this fork going to maintain it's current value in the market?

I'm all for decentralization but do you have a fully-formed plan to fork (binaries,code) and more importantly,in the marketplace,what's the plan regarding exchanges and vendors? What's the map to ask the vendors to accept this?

[JoeMattie]

No

[Beeker]

How are you going to get it on the exchanges?

Why X11 and not something else like SHA-3 or SHA-512/Momentum/Primechain etc.?

Does "we" include any of the devs? If so,how many?

How is this fork going to maintain it's current value in the market?

I'm all for decentralization but do you have a fully-formed plan to fork (binaries,code) and more importantly,in the marketplace,what's the plan regarding exchanges and vendors? What's the map to ask the vendors to accept this?

Thanks for your reply.

We have thought about this.

Our group is small right now, 2 developers and 3 people (including myself) for PR and communication.

User Beeker is involved in this too and we use his account for the first weeks of communicating to the Bitcointalk community.
2 of us are well known hero members on Bitcointalk but won't yet disclose our identity until we think there's enough community support to get into the next phase of this project.

We understand the challenges ahead and we hope to get the main LTC team on our side, one they realize what LTC is facing.

To battle Bitcoin we need progressive thinking and a long-term vision for LTC.

[Soepkip]

Just my personal opinion:

I feel like this is just butthurt GPU miners being butthurt that Scrypt is slowly evolving to ASIC. I don't see the problem with it really to be honest:

- ASICs will provide a higher hashrate, thus it will improve on the security of the Litecoin system
- ASICs are cheaper then GPU's, not only in gear but also in terms of power and heat.
- LiteCoin will grow more professional by having a bigger hashrate, since it will be way less suspectable to 51% attacks. More trust from vendors etc.
- Scrypt ASICs have MANY other options to mine than just Litecoin, it is not like Bitcoin which is most of the times the most profitable to mine for SHA ASICs.

If you are really serious about your mining then start investing in the future and get an ASIC scrypt miner. It'll save you a bunch on your powerbills and thus (at the moment) make you more money. Throwing it on X11 would push the whole network to a way lower hashrate I expect, unless it's suddenly WAY more profitable to do. Also I don't expect the market to be particulary happy with this.

[porcupine87]

ASIC will get LTC away from the baby room to the adult room. ASICs make the coin stronger, not mining it with non specialized hardware. Question: Is a car produced with non-specialized hardware worth more?

[spring.yu]

I don't agree with this  guys.

When coin publish, it should be decentralized, out of anyone's control.

[AlexGR]

This has to be an early April Fool joke right?

Let us be clear, this is not a joke.

We are serious on securing the future of Litecoin.

We hope to convince the majority of the pools, exchanges, shops and most important the users to upgrade to our hardfork before block 546,480.
You will not lose coins.

People will not lose coins, but the coins will be worth shit if the network forks. You are actually practicing a form of economic attack on LTC by spreading uncertainty over some kind of potential fork.

The right way to do it, is

a) to go through the official channels and ask for PoW change with a voting. If it's yes, the official coin will hardfork in a different PoW. If it's no, it's no.
or
b) to make a coin which suits you

[MaGNeT]

This has to be an early April Fool joke right?

Lol

But it may not be so bad. Saw some people discussing it on BTC-E (see chat archive) and Poloniex and price is going up a bit.

[akabane]

I do not see the point of doing that apart from throwing to the ground millions dollars of investments of ASCI companies and ASCI enthusiasts which buy them.
I think this will be very bad for LTC reputation and investors will go away.

ASCI is a natural step in a successful coin life and should be accepted. For me scrypt ASCI is innovation and innovation should not be killed.
There is already some interesting alternatives if you do not want to have an unfair mine-fight against ASCI (darkcoin, vertcoin, myriadcoin and many more) and you can always just sell them to LTC, if you are a long term LTC supporter.

[kelvinliong]

May I know how can you do that?

[binaryclock]

We, a team of Litecoin supporters and developers

who is this we?

A bunch of highschoolers.  They found a HOWTO x11.

[Acidyo]

There is literally no downside to switching to x11 algo, this would only be good for everyone's gpu's, atleast now coming summer. Wouldn't you want your gpu's to run 30 degrees colder yet still manage 3x faster speeds?

[defaced]

First time ive ever seen this, but still awesome! People can most certainly choose to vote with their hash power on which chain to continue.

[defaced]

Is there a mailing list I can join? Also, with out a substantial amount of hash to find blocks at the current difficulty how are you going to continue the chain?

[Beeker]

Is there a mailing list I can join? Also, with out a substantial amount of hash to find blocks at the current difficulty how are you going to continue the chain?

We expect enough GPU miners to stay on Litecoin, the coin itself doesn't change, only the algorithm does.
We could calculate a drop in difficulty when the coin is hardforked, to anticipate the loss of hashingpower from existing scrypt ASICS but we doubt if it is needed.

[MaGNeT]

Is there a mailing list I can join? Also, with out a substantial amount of hash to find blocks at the current difficulty how are you going to continue the chain?

We expect enough GPU miners to stay on Litecoin, the coin itself doesn't change, only the algorithm does.
We could calculate a drop in difficulty when the coin is hardforked, to anticipate the loss of hashingpower from existing scrypt ASICS but we doubt if it is needed.

A lot of GPU miners are moving over to X11 already.
Hirocoin and Darkcoin have a great future ahead.

[butjust41day]

Well the approach is different. Instead of just cloning litecoin like the many others you just try to steal the right to develop the coin. No wonder your an anonymous group.

[D3V0]

Why not bring this to the actual Litecoin community on the LTC forums?