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Question: Would you support a Litecoin [LTC] X11 hardfork?
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Author Topic: [POLL] Would you support a Litecoin [LTC] to X11 algorithm hardfork?  (Read 12444 times)
coblee
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March 31, 2014, 10:44:59 AM
 #81

Here's our response: https://litecointalk.org/index.php?topic=18166.0

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March 31, 2014, 12:54:48 PM
 #82


Great response.

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March 31, 2014, 12:56:18 PM
 #83


+1
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March 31, 2014, 02:20:47 PM
 #84

+1
Leave litecoin alone you greedy scammers.
As for changing algo each time specialised ASIC will be created, it is pure BS scam idea.
I don't trust you, you can be easy bribed by some FPGA/ASIC holder and switch algo to the one which, he will be ready to mine with his equipment.

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Ibistru
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March 31, 2014, 03:29:27 PM
 #85


precrime3
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March 31, 2014, 03:41:28 PM
 #86

ASIC miners are devoted to securing the blockchains that use the type of hashing their ASIC is built to mine.

Thus scrypt ASICs mean all scrypt coins can all be secured, up to whatever the limit is of how many chains can effectively be merged mined together.

So far the limit to how many can be merged has not been found. But admittedly hundreds might be too many to be practical.

Nonetheless most likely all scrypt coins worth bothering with can all easily be merged at once.

Only those that are incapable or unwilling to implement merged mining need suffer, all others stand to gain much security, which in turn should lead to much more value, at least once initial mining of coins slows down or stops or once enough years have passed to make even constant steady minting amount to only a small amount of inflation of the coin supply.

-MarkM-


Good blurb. Also I believe ASICS themselves aren't the problem, its that they make building a farm 100x easier as they're plug and play compared to rigs. Merged Mining should become norm as they do indeed just secure the blockchain of other coins and you get some more coins xD

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March 31, 2014, 03:48:12 PM
 #87

We understand, Litecoin is too big to hard fork, but please don't be naive and expect that ASICs will make your price rise, like it happened to BTC. BTC was the first, the coin from which everything else started, so ofc when ASICs happened it wasn't damaged too much.
But Scrypt was created to be ASIC resistant in the first place, AND it's just one of the followers. So why would big investors keep investing in hardware to help strengthen Scrypt when they can do the same more reliably for SHA256?
Everyone who's buying Scrypt ASICs now is doing it purely for profit reasons, to be the first ones to rape the coins with huge computing power. And they will lose, because when they will receive them the network difficulty will already be well beyond profitability, because the ASIC companies will be "testing them" for a long while before shipping:
http://www.reddit.com/r/Bitcoin/comments/2182nb/kncminers_ceo_sam_cole_dumping_bitcoins_worth/

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March 31, 2014, 05:17:11 PM
 #88

ASIC market is one of the most fucked up businesses that I've ever seen. By preordering some of these, you are supporting one of the two models of businesses:

1. Selling non-existent stuff
2. Selling miners with several months of delay in delivery, when company is "testing" your miner

It's not about securing your wallets, but about making as much money as possible and throwing you some scraps at the end.
How your wallet could be secure if some Chinese chip/miners vendors can easily accumulate such enormous hashpower in one (or several) hand?
Especially I mean recently invented products, that most of the people couldn't obtain.
Of course, there are GPU farms, but they are using the same hardware as anyone can get and run.
Does it sound better than dispersed, world-wide hashrate? Maybe X11 is not perfect, maybe we could find another efficient algo.
Also, don't forget about DDR6 memory that is incoming.

Finally: do you, LTC holders, think that people would invest more $ in your coin because of the higher hashrate?
1. LTC is not the only scrypt coin, like BTC was only one serious SHA-256 coin 2-3 years ago. ASIC farms bouncing on multipools most profitable ports won't be devoted to secure LTC blockchain.
2. Common altcoin trader would't give a fuck if he will see massive dump of coin (ROI is most important part of the mining business, especially that ASIC miner in short period of time could become useless and there will be no resell possible).
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March 31, 2014, 05:52:07 PM
 #89

I would support X11 because of it's energu efficiency
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March 31, 2014, 08:37:04 PM
 #90

A fork pretty much means the end of the crypto world as everyone would loose trust and no new money would come into crypto. I certainly would sell all my Bitcoins and Dogecoins as a they will be next in line. So far about 400 coins have copied litecoin, so something must be right. Miners seem to forget that someone has to buy the coins they want to sell. Litecoin is what it is if someone is not happy there are a lot choices available in this free world. 
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March 31, 2014, 10:20:32 PM
 #91

Litecoin now stands on the 2nd place behind Bitcoin, it is very difficult to surpass Bitcoin even ASIC comes.
ASIC will make Litecoin lose more supports, and in the end only people with ASIC will mine this coin.
Look at current situation, coins such as Darkcoin, etc are taking the place of Litecoin if this problem is not solved.
Litecoin has long been following Bitcoin, and Bitcoin is kind of protecting Litecoin, because whatever problem happens will happen in Bitcoin first.
However, this time will be different.
Bitcoin do not need to be changed after ASIC comes doesn't mean Litecoin can follow it.
If Litecoin do not make a change, the 2nd place will be largely questioned.

I see people saying: "Litecoin will gain value after ASIC comes, because Bitcoin gain value".
The reason Bitcoin gain value is because it is the No.1. All altcoin prices are basically based on it.
How about Litecoin? I don't think so.



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April 01, 2014, 01:21:05 AM
 #92

dumb idea.. X11 is a rip off of Quark's algo with a couple more *pointless algo's tacked on just to say it's different.
and it also would not help anything either.. X11 is asic vulnerable and insecure and a rip off Quark / Secure coin etc
What you should have asked is should it be changed to Quark's algo (which was made way before the copy cat scammers came along)

the fact you asked shows me you have enjoyed been fed X11 propaganda lol
ease up on the Purple Kooliad and when they tell you to put on the Nike's to get ready for a space journey to the home world on Hale bop.. just say no and run Wink
and no i don't expect 98% of you to get what i said either.. Reddiots are too busy tapping and swiping in class these days to learn much Sad
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FUD first & ask questions later™
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April 01, 2014, 01:33:34 AM
 #93

Here is a shocker:

Quote from: person currently mining LTC quite profitably
No. Bad idea. This would actually make things fair for people without high-end GPUs.  Angry

Quote from: person who ordered a scrypt ASIC
No. Bad idea. This wouldn't be fair to the poor, poor ASIC manufacturing companies, or me.
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April 01, 2014, 01:39:32 AM
 #94

dumb idea.. X11 is a rip off of Quark's algo with a couple more *pointless algo's tacked on just to say it's different.
and it also would not help anything either.. X11 is asic vulnerable and insecure and a rip off Quark / Secure coin etc
What you should have asked is should it be changed to Quark's algo (which was made way before the copy cat scammers came along)

the fact you asked shows me you have enjoyed been fed X11 propaganda lol
ease up on the Purple Kooliad and when they tell you to put on the Nike's to get ready for a space journey to the home world on Hale bop.. just say no and run Wink
and no i don't expect 98% of you to get what i said either.. Reddiots are too busy tapping and swiping in class these days to learn much Sad
#everythingwedoisamazing1111

I mine x11 because its less heat, less electricity and better for the environment....

Why would I keep going with scrypt when there is something better? I don't care where it was ripped quark etc..it has tangible benefits and can achieve the same results as scrypt with less electricity, heat etc...

Sure its not ASIC proof and again there is no such thing so why harp on about it?
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April 01, 2014, 01:41:49 AM
 #95


I'm with Charlie on this...

These guys were actually coding back when more than half of this forum was still wearing diapers
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April 01, 2014, 01:44:13 AM
 #96

SHA-512 quantum time travel coin coming with special Doge/Horse coin time travelling ability (we will be hashing Bitcoin Blocks with SHA-512 as an extra "seal" to process the minty goodness   Cheesy

i am here.
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April 01, 2014, 01:59:33 AM
 #97

dumb idea.. X11 is a rip off of Quark's algo with a couple more *pointless algo's tacked on just to say it's different.
and it also would not help anything either.. X11 is asic vulnerable and insecure and a rip off Quark / Secure coin etc
What you should have asked is should it be changed to Quark's algo (which was made way before the copy cat scammers came along)

quark is a clone of sif coin.
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April 01, 2014, 02:21:58 AM
 #98

Indeed it was, my feeling is if you can get the largest exchanges on board a fork is the way to go.

But this would need to follow a campaign to get the real miner out , otherwise that could hurt LTC confidence post fork as the people that have the offical miner will benifit.

I think looking at the numbers on the votes there that a fork could be successful if enough people contacted the larger exchanges,  I mean, may as well do it sooner than later right ?

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April 01, 2014, 02:35:05 AM
 #99

Now Litecoin is just a bitcoin clone with different ASICs.
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April 01, 2014, 02:42:31 AM
 #100

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