Litecoin Creator (Charlie Lee) Recommends Merged Mining with Dogecoin

[devphp]

How about if merged mining is implemented and at the same time both Litecoin and Dogecoin also implement Scrypt-N to make GPU miners happy?

[Mr. Net]

one really stupid move for litecoin.

A really smart move for litecoin imo.

A really stupid move for litecoin.

[nejat76]

Both coins should halve in price I guess after merging. With the same hash power you'll be mining X doge and Y litecoin instead of only mining either X doge or Y litecoin.

[Nxtblg]

What people seem to forget: Maybe Dogecoin community doesn't want to merged mine together with LTC.

That's actually the overwhelming response so far from the /r/dogecoin community. They are viewing this as some kind of desperate attempt by Charlie Lee to help LTC sustain itself in the coming years.  Not sure I completely agree with them.

They also think it's a permanent merge, which is odd.

[El Dude]

So many trolls spreading so much false info.

[El Dude]

Litecoin is doomed to RIP anyway so ..

Thanks to coblee!  

So again, why is LTC doomed?

Because it was meant to lock out ASICs, now it has ASICs and the devs either can't change it without breaking the coin or were bought off.

Were ASICs a problem for BitCoin? Everyone speaks about securing the network and then they speak about how ASIC centralisation is wrong. I thought ASICs were overpriced (at least those for LTC) and basically useless - you can at least sell the GPUs.

LTC has an experienced development team
Open Chinese exchanges
Largest capitalization after BitCoin

pointing out facts ?  you can't do that here.

[Pangia]

El Dudeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee,

Glad to see you made it to the party.

So what's your take on Litecoin's founder recommending merged mining with Dogecoin?

I wuz like WTF?

Dogecoin Community is all up in arms against it, so I don't think it will happen. 

But I'm curious about your take on Charlie Lee's recommendation.

[slapper]

LOL LTC shills are running rampant on r/dogecoin as to how good this is for Dogecoin. Hats of to Charlie really, he can sell ice to eskimos. One of the most bizarre things this year is how smoothly scrypt asic is all of a sudden a security requirement to run the network safely. Silver to Bitcoin's gold lmao.

I understand that coblee has now rescinded the offer. Surprised it happened the same day. I predicted it would happen after splitting the entire dogecoin community and or getting them over to litecoin first then completely dumping dogecoin for some reason down the road.

[jnada]

El Dudeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee,

Glad to see you made it to the party.

So what's your take on Litecoin's founder recommending merged mining with Dogecoin?

I wuz like WTF?

Dogecoin Community is all up in arms against it, so I don't think it will happen. 

But I'm curious about your take on Charlie Lee's recommendation.

What he can say? 
He said everything already...
That's quite funny how fast crypto reality evolves. Do you remember all this senior/hero predictions about Doge made 3 months ago?

[BayAreaCoins]

I told Jackson this a while back ago. Well before the sf meet

feb 26th to be exact

[hiverli]

you will see when your RIG's become worthless. somehow it should change to nScript

[r0ach]

one really stupid move for litecoin.

If we're talking game theory here, it would be more beneficial to both parties if Dogecoin just changed algorithms to something like Keccak or Groestl.  The merged mining alternative would be a negative to both groups, not LTC or DOGE alone.

On the other hand, Litecoin is not going to benefit from ASIC.  The entire network will be controlled by KNCminer, and they will be heavy dumping to try and make return on their outrageously expensive investments.

I don't really see any reason for LTC price to be increasing during this phase unless it latches onto BTC for another bull run.

[kalus]

when scrypt asics are predominant, merge mining LTC and DOGE will benefit both currencies.  This is something to seriously consider for the long term survival of these two scrypt coins, and any other scrypt-based mineable currencies that need blockchain protection.

[Pangia]

http://www.reddit.com/r/dogecoin/comments/22hqm6/official_an_update_on_the_foundation_core/

There has been a lot of speculation around a recent comment from Charlie Lee (creator of Litecoin) regarding a discussion we’ve had / are having about merged mining. We just met recently at CoinSummit, and it was great to talk about altcoins with the person who was first to adopt scrypt as a proof-of-work algorithm (which most altcoins are using currently).

Charlie pitched the idea of merged mining to me as a way of securing both the Litecoin and Dogecoin networks, which minimal coding work required. It’s a really interesting concept that has both it’s pros and cons, and I’ve really appreciated the level-headed discussion that’s been going on both here on Reddit and over on the various Dogecoin-related IRC channels.

If you’re not familiar with merged mining, I’ll let you do a quick Reddit search and do the reading yourself - but here are my thoughts on merged mining between Dogecoin, Litecoin or any altcoin for that matter:

    Dogecoin is in a really interesting position, where we’ll reach block 600k and static rewards of 10,000 DOGE by the end of 2014. Up until then, saying that Dogecoin *needs *to do anything is really just speculation, and we have no real way of knowing how the network and it’s miners will react once block rewards drop.
    Right now, merged mining with Litecoin wouldn’t really benefit Dogecoin. It’d just force all the dedicated, passionate Dogecoin mining pools out there to shift over to also mining Litecoin to reap their deserved rewards, which they may not want to do. On top of that, it’s fair to assume that Litecoin miners who come in will likely auto-dump the Dogecoin they’re rewarded, which isn’t necessarily great for the stability of Dogecoin as a currency and no better than what multi-pools are doing today.
    Dogecoin has amazing growth at the moment, the strongest community in cryptocurrency behind it, and it’s viability shouldn’t be pegged to another currency or network while it’s only 4-5 months old.

In a nutshell, I don’t believe that merged mining is the answer right now. Maybe it will be once we see what happens past block 600k, but as I said that’s impossible to predict.

I’d actually propose this: Let’s work with other, smaller scrypt-based altcoins such as DigiByte to help them merged mine off Dogecoin as the parent blockchain. This helps secure all of our networks into the future (altcoins with lower hashrates are subject to frequent attacks), and I personally love seeing us crypto under-doges working together (DigiByte devs helping with us implementing DigiShield is a fantastic example of this). Just like Dogecoin, there’s no telling what the future of Litecoin holds either - so maybe they’ll want to merge mine off Dogecoin as the parent chain some day

[BayAreaCoins]

http://www.reddit.com/r/dogecoin/comments/22hqm6/official_an_update_on_the_foundation_core/

There has been a lot of speculation around a recent comment from Charlie Lee (creator of Litecoin) regarding a discussion we’ve had / are having about merged mining. We just met recently at CoinSummit, and it was great to talk about altcoins with the person who was first to adopt scrypt as a proof-of-work algorithm (which most altcoins are using currently).

Charlie pitched the idea of merged mining to me as a way of securing both the Litecoin and Dogecoin networks, which minimal coding work required. It’s a really interesting concept that has both it’s pros and cons, and I’ve really appreciated the level-headed discussion that’s been going on both here on Reddit and over on the various Dogecoin-related IRC channels.

If you’re not familiar with merged mining, I’ll let you do a quick Reddit search and do the reading yourself - but here are my thoughts on merged mining between Dogecoin, Litecoin or any altcoin for that matter:

    Dogecoin is in a really interesting position, where we’ll reach block 600k and static rewards of 10,000 DOGE by the end of 2014. Up until then, saying that Dogecoin *needs *to do anything is really just speculation, and we have no real way of knowing how the network and it’s miners will react once block rewards drop.
    Right now, merged mining with Litecoin wouldn’t really benefit Dogecoin. It’d just force all the dedicated, passionate Dogecoin mining pools out there to shift over to also mining Litecoin to reap their deserved rewards, which they may not want to do. On top of that, it’s fair to assume that Litecoin miners who come in will likely auto-dump the Dogecoin they’re rewarded, which isn’t necessarily great for the stability of Dogecoin as a currency and no better than what multi-pools are doing today.
    Dogecoin has amazing growth at the moment, the strongest community in cryptocurrency behind it, and it’s viability shouldn’t be pegged to another currency or network while it’s only 4-5 months old.

In a nutshell, I don’t believe that merged mining is the answer right now. Maybe it will be once we see what happens past block 600k, but as I said that’s impossible to predict.

I’d actually propose this: Let’s work with other, smaller scrypt-based altcoins such as DigiByte to help them merged mine off Dogecoin as the parent blockchain. This helps secure all of our networks into the future (altcoins with lower hashrates are subject to frequent attacks), and I personally love seeing us crypto under-doges working together (DigiByte devs helping with us implementing DigiShield is a fantastic example of this). Just like Dogecoin, there’s no telling what the future of Litecoin holds either - so maybe they’ll want to merge mine off Dogecoin as the parent chain some day

please stay on reddit. Thanks

[kelsey]

please stay on reddit. Thanks

+1

[peterlustig]

please stay on reddit. Thanks

+1

The arrogance of some Litecoin advocates is probably one of the reasons for the Dogecoin dev and community declining the offer, they are too nice to directly say that though.

The post was very relevant btw, it being posted on reddit doesn't mean it's unworthy for your mind. I think you wanted to know the result aswell, right?

Check this counter offer btw: http://www.reddit.com/r/dogecoin/comments/22hsnc/my_counteroffer_to_charlie_lee_well_patch/ (omg evil reddit link)

*snip*
In a merged mining scenario, there's two (or more) players: the PARENT blockchain, and the AUXILIARY blockchain(s)
coblee's suggestion is that Dogecoin becomes the Auxiliary blockchain, and Litecoin retains the Parent status.
*snip*
My suggestion is simple (EDIT: see below for why it totally isn't.): Dogecoin becomes the Parent, LTC becomes the auxiliary.
*snip

[kelsey]

please stay on reddit. Thanks

+1

The arrogance of some Litecoin advocates is probably one of the reasons for the Dogecoin dev and community declining the offer, they are too nice to directly say that though.

The post was very relevant btw, it being posted on reddit doesn't mean it's unworthy for your mind. I think you wanted to know the result aswell, right?

Check this counter offer btw: http://www.reddit.com/r/dogecoin/comments/22hsnc/my_counteroffer_to_charlie_lee_well_patch/ (omg evil reddit link)

*snip*
In a merged mining scenario, there's two (or more) players: the PARENT blockchain, and the AUXILIARY blockchain(s)
coblee's suggestion is that Dogecoin becomes the Auxiliary blockchain, and Litecoin retains the Parent status.
*snip*
My suggestion is simple (EDIT: see below for why it totally isn't.): Dogecoin becomes the Parent, LTC becomes the auxiliary.
*snip

results? I'm embarrassed that Charlie Lee would even concider dogecoin was anything but a joke and a bad one at that.

[Xialla]

The arrogance of some Litecoin advocates is probably one of the reasons for the Dogecoin dev and community declining the offer, they are too nice to directly say that though.

this.

[HCLivess]

please stay on reddit. Thanks

+1

The arrogance of some Litecoin advocates is probably one of the reasons for the Dogecoin dev and community declining the offer, they are too nice to directly say that though.

The post was very relevant btw, it being posted on reddit doesn't mean it's unworthy for your mind. I think you wanted to know the result aswell, right?

Check this counter offer btw: http://www.reddit.com/r/dogecoin/comments/22hsnc/my_counteroffer_to_charlie_lee_well_patch/ (omg evil reddit link)

*snip*
In a merged mining scenario, there's two (or more) players: the PARENT blockchain, and the AUXILIARY blockchain(s)
coblee's suggestion is that Dogecoin becomes the Auxiliary blockchain, and Litecoin retains the Parent status.
*snip*
My suggestion is simple (EDIT: see below for why it totally isn't.): Dogecoin becomes the Parent, LTC becomes the auxiliary.
*snip

Arrogant angry bagholder view that tries to smear Lee. Good job, only proving DOGE a scamcoin full of bastards who want a quick buck. I got it, but you were too greedy.