Litecoin Creator (Charlie Lee) Recommends Merged Mining with Dogecoin

[Pangia]

From /r/Bitcoin

[–]coblee 9 points 19 hours ago (9|0)
I have actually suggested this to Jackson Palmer and he seemed intrigued by the idea. We'll see if he agrees. Litecoin and Dogecoin merged mined would be beneficial to both coins.
I've known pretty much since before I created Litecoin that in order to survive, you can't compete with Bitcoin for miners. So you'd need to be mined on a different class of hardware. I believe this fact will be pretty clear when ASICs for Scrypt becomes widely available.

http://www.reddit.com/r/Bitcoin/comments/22aw8c/most_altcoins_are_not_secure_enough_they_exist/cglaq3n

[kelsey]

one really stupid move for litecoin.

[shtako]

one really stupid move for litecoin.

A really smart move for litecoin imo.

[smoothie]

It doesn't matter for Litecoin in my view.

So far Litecoin didn't need it so why should it now? On the other hand Doge is pretty new still so I wouldn't presume it will succeed just yet.

If Doge is around and is receiving good support and development of necessary infrastructure in 1 year from now then I think it has a chance.

The test of time is what really matters. Any coin can spike up and hype up in a short amount of time.

[eightspaces]

Litecoin is doomed to RIP anyway so who would care

[Spoetnik]

Scrypt clones should just be killed off, they serve no purpose other than to dilute and confuse the market.. is that a good thing ?

[kelsey]

The reasoning is simple.

My simple reasoning is doge's a jokecoin, one that many large ltc holders wouldn't want any sort of connection too, add that to the scrypt asics non sense (by that I mean even listening to the suggections of changing it)......well some big hands might fold.

[peterlustig]

Scrypt clones should just be killed off, they serve no purpose other than to dilute and confuse the market.. is that a good thing ?

Litecoin = Scrypt clone (forgot Tenebrix and Fairbrix eh?)

[eightspaces]

The reasoning is simple.

My simple reasoning is doge's a jokecoin, one that many large ltc holders wouldn't want any sort of connection too, add that to the scrypt asics non sense (by that I mean even listening to the suggections of changing it)......well some big hands might fold.

Litecoin is a jokecoin man
charlie lee said it himself...

[haigent]

Dogecoin should change to another algorithm say scrypt-nfactor, when ASIC dominated scrypt mining, dogecoin would be the main coin for GPU mining.

[MiningViking]

It is a sign of desperation when LTC founder want to relay on the DOGE community to ensure the surivial of his own creation.

[bitcats]

Litecoin is doomed to RIP anyway so ..

Thanks to coblee!  

[benjyz]

longer quote

Litecoin creator here.

I got to know Jackson Palmer at the CoinSummit conference. Very cool guy. We exchanged a few emails afterwards and I suggested merged mining to him because I think it's a perfect solution to a potential problem that Dogecoin (and Litecoin) will be facing soon.

Here's what I sent him:

    Jackson, I thought occurred to me. What are your thoughts about merged mining? Its unfortunate the dogecoin kept the same mining algorithm as litecoin. As we are now competing for miners. The scrypt asics might make this very chaotic. Merged mining will solve that. The only problem with merged mining is that it may peg the two coin's price together since the supply would be linked. But since price doesn't matter that much for Doge, I think merged mining is the prefect solution.

    What do you think? I would love to see a world where litecoin and dogecoin both thrive and work together instead of competing for miners.

    ASICs could potentially do a lot of damage to the small coins, so having Litecoin and Dogecoin join up would be good for both coins. In order to make that happen, doge would need a hardfork to add in merge mining capabilities. After that, pools will do the rest. I'm pretty sure all you need to do is add this code: https://github.com/united-scrypt-coin-project/unitedscryptcoin/commit/f772fbdd09f0999f83f0447a206d58bbe46b2d51 Make sure you set the block changeover to sometime in the future and use a unique chain index.

    If you do proceed to go forward with this, I can help more.

There's obviously trade offs with merged mining. But I think this move would benefit both coins and ensure the survival of both.

[eightspaces]

Litecoin is doomed to RIP anyway so ..

Thanks to coblee!  

it is just so so outdated. I mean scrypt? ....

[peterlustig]

Personally I think competing for miners is a great thing, coinwarz! 

[flipme]

The reasoning is simple.

Dogecoin proved that a very destructive force could be created very rapidly via a meme.

If Dogecoin had wanted to, the nethash could have easily have ended Litecoin for all effective purposes.

The only real security in crypto is mult peta hash rate.

Something that will never be obtained with gpus.


~BCX~

You know that this is utter nonsense.
Any coin relying on network size for security reasons is a flawed concept in the first place.

Go ahead and merge, that'll be the end for both coins.
I wouldn't mind actually, all these crap Scrypt PoW coins getting out of the way.

You should instead think more about how you could make it a usable product for end customers.
Instead of trying to cheat more people out of their investments.
SCAM - SHITCOINS - your words - applies to LITE and DOGE more than ever in the meantime.

[devphp]

If this move doesn't change the number of DOGE's from current reward schedule (100 bln to the beginning of 2015 and then each block 10 000 doges starting from block 600 000), then sure, why not, it's a good idea to strengthen the security of both coins by merged mining.

The only thing not to mess with is the block reward schedule, because this is the crucial factor for investing, that helps evaluate the potential price of the coin. If the supply of the coins is messed with, and the originally planned supply is changed, that would make any coin a joke (just like fiat is a joke because the future supply can be printed at whim in any quantities if needed) and investors would flee that coin in packs. Cryptos are good and different, because the coin supply increase is known for years ahead. Let's not play with that.

[HCLivess]

Litecoin is doomed to RIP anyway so ..

Thanks to coblee!  

So again, why is LTC doomed?

[flipme]

If this move doesn't change the number of DOGE's from current reward schedule (100 bln to the beginning of 2015 and then each block 10 000 doges starting from block 600 000), then sure, why not, it's a good idea to strengthen the security of both coins by merged mining.

The only thing not to mess with is the block reward schedule, because this is the crucial factor for investing, that helps evaluate the potential price of the coin. If the supply of the coins is messed with, and the originally planned supply is changed, that would make any coin a joke (just like fiat is a joke because the future supply can be printed at whim in any quantities if needed) and investors would flee that coin in packs. Cryptos are good and different, because the coin supply increase is known for years ahead. Let's not play with that.

This would only apply if there were a real market for those coins, but there is none.
Look at what happened to DOGE since the first halving.
Did it double in price?
No, it did the opposite. Why? Because there is no market, no real demand, pure PONZI.

The only chance I see for Litecoin is to make some good distance to the competitiors by innovation.
Not by flawed assumptions whose only goal is to scam more investors out of their money.

[gaba]

Dogecoin should switch from POW to POS algorithm and GO GREEN! Take a look at NXT, PeerCoin, Bitshares... Then those 5,000,000,000 coins reserved for yearly miners rewards they can redirect to LUNAR Đ project , DOGE holders (network) and DogecoinFoundation.  Dogecoin is in unique position regarding these plan because they will soon reach they goal; 100,000,000,000 dogecoins.