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Author Topic: Litecoin: End of early adopter period and start of Infrastructure Development  (Read 1793 times)
crazy_rabbit
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July 26, 2012, 05:25:02 PM
 #1

If we make it through this whole episode with BitcoinExpress and the threat of a 51%, I posture that it will signal a symbolic end of what you could call "the Early Adopter Period" and will give rise to a new time of infrastructure development.

This 51% scare has not only mobilized the LTC community in a way I think many didn't expect possible, it also has generated a greater sense of "ownership" among coin holders as a psychological reaction to the threat of being 'attacked'. Interestingly I would note also that much like durring a flood when individuals who's possessions are not threatened by the rising waters find great satisfaction and pride in contributing to an effort to protect the possessions of others, we see here also a large number of people contributing to the LTC effort regardless of whether or not they had something to lose by it's collapse.

Hopefully this has galvanized the community in such a way that will make it possible to move forward with strong growth. As some pointed out in a post that I lost the link of (pm?), the time for BTC GPU miners to switch to Litecoin is not actually in October but rather already now. LTC is already more profitable to mine and for those invested in BTC GPU equipment the difficulty is comparatively low. We most likely won't be able to say the same come ASIC's arrival and an ever increasing number of BTC miners can be expected to being to start applying hash power towards the LTC network. The ability of the LTC community to dramatically push the hash power of the network up durring this time of (panic) by BitcoinExpress further confirms that there is a latent pool of computational power that people are willing to apply to LTC.

Additionally this 'end of the early adopter period' coincides with a difficulty that from now on prevents all but the largest of miners from acquiring large balances through solely mining alone- and even then it will be difficult. This means that production of coins will be distributed across a wider number of individuals, and even for those producing small numbers of coins, the psychological impact will be significant. The sense of community will grow as a larger number of individuals (mining fewer coins individually) will feel a greater sense of community, and due to an increasing difficulty of mining, they will attach a greater monetary value to their coins. 

It also means that the acquisition of large amounts of LTC wealth will begin to require more and more ingenuity rather then computational hash power. I think we should expect to see people increasingly act in an entrepreneurial capacity to accomplish this: building services, accepting LTC as payment, and yes- theft.

If all goes well for the next few days, I expect to see a bright and positive future ahead for crypto.

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July 26, 2012, 05:27:24 PM
 #2

I really wish you hadn't posted this....

Now BlowHardEXpress is going to swoop in and claim to be the 'LTC Savior' and that strengthening the community was it's plan all along.

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July 26, 2012, 05:32:08 PM
 #3

I really wish you hadn't posted this....

Now BlowHardEXpress is going to swoop in and claim to be the 'LTC Savior' and that strengthening the community was it's plan all along.

Quote

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July 26, 2012, 05:37:20 PM
 #4

Quote
As some pointed out in a post that I lost the link of (pm?)
Nicely written, rabbit. I'll paste this from my previous post.


Won't that be too late if you switch at October ?
You won't get as many litecoin if you mine it later, as difficulty keep increasing every few days.
After GPUs users move in, difficulty changed from 1 to 6.6 8.36 now.
Imagine the difficulty change in October if most of GPU user move to litecoin.

The total Litecoin network is ~200 MH/s, since scrypt is 1/1000's bitcoin speed, that is equal to 200 GH/s or 0.2 TH/s in bitcoin world.
Total bitcoin network now is 13.3 TH/s.
So roughly only 1.5% hash power move from bitcoin to litecoin now.

Let's say that 30% of 13.3 TH/s is from GPU user, and only 65% will move to litecoin because it's not feasible anymore to mine bitcoin.
30% * 13.3 * 65% = 2.5935 TH/s
After applying 1/1000 multiplier, that's equal to 2.5935 GH/s

Current litecoin network is 0.2 GH/s
If the network speed grows from 0.2 to 2.7 GH/s, the difficulty won't be 6 8.36 anymore and less coin will be generated per kH/s.

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July 26, 2012, 05:38:18 PM
 #5

If we make it through this whole episode with BitcoinExpress and the threat of a 51%, I posture that it will signal a symbolic end of what you could call "the Early Adopter Period" and will give rise to a new time of infrastructure development.
BCX hasn't said his final word. Let's wait for a while.
Checkpoint set by Coblee won't help much if BCX forks the blockchain after it...
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July 26, 2012, 06:07:48 PM
 #6

I really wish you hadn't posted this....

Now BlowHardEXpress is going to swoop in and claim to be the 'LTC Savior' and that strengthening the community was it's plan all along.



Really chaps your ass that something good could come of this doesn't it?

I detect some serious jealously.

~BCX~

Come on BlowHardEXpress ..... get your shit together and put this attack into full swing already.... LMAO

You are a fucking JOKE and have ZERO credibility on this forum.

I am going to have to guess that the reason you are so butthurt with Solidcoin is because you accepted IT as payment for sexual services rendered....then it dropped in price.

700 EC2s.....Blah fucking blah.... 100 GH....... Gay bikes, Terminator Sarah Connor Chronicles and Asian Chicks.

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July 26, 2012, 06:14:57 PM
 #7

Bitlane, did you say something, I can't hear you?



I'll help you:)
I really wish you hadn't posted this....

Now BlowHardEXpress is going to swoop in and claim to be the 'LTC Savior' and that strengthening the community was it's plan all along.



Really chaps your ass that something good could come of this doesn't it?

I detect some serious jealously.

~BCX~

Come on BlowHardEXpress ..... get your shit together and put this attack into full swing already.... LMAO

You are a fucking JOKE and have ZERO credibility on this forum.

I am going to have to guess that the reason you are so butthurt with Solidcoin is because you accepted IT as payment for sexual services rendered....then it dropped in price.

700 EC2s.....Blah fucking blah.... 100 GH....... Gay bikes, Terminator Sarah Connor Chronicles and Asian Chicks.


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bitlane
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July 26, 2012, 06:17:12 PM
 #8

HAHAhaha... You put me on ignore.
This is fucking AWESOME.

You are a stupid BlowHard....  aptly named BlowHardEXpress

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July 26, 2012, 06:20:10 PM
 #9

If bx put everyone on ignore, how can he read reply to his thread ?  Huh Huh Huh

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bitlane
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July 26, 2012, 06:22:50 PM
 #10

If bx put everyone on ignore, how can he read reply to his thread ?  Huh Huh Huh

BlowHardEXpress is my hero ...and is El SavioRrrrr (rolling Rrrs) of Litecoin.

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July 26, 2012, 06:22:59 PM
 #11

Bitlane, did you say something, I can't hear you?



I'll help you:)
I really wish you hadn't posted this....

Now BlowHardEXpress is going to swoop in and claim to be the 'LTC Savior' and that strengthening the community was it's plan all along.



Really chaps your ass that something good could come of this doesn't it?

I detect some serious jealously.

~BCX~

Come on BlowHardEXpress ..... get your shit together and put this attack into full swing already.... LMAO

You are a fucking JOKE and have ZERO credibility on this forum.

I am going to have to guess that the reason you are so butthurt with Solidcoin is because you accepted IT as payment for sexual services rendered....then it dropped in price.

700 EC2s.....Blah fucking blah.... 100 GH....... Gay bikes, Terminator Sarah Connor Chronicles and Asian Chicks.


LOL

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LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
smoothie
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July 26, 2012, 06:35:42 PM
 #12

If we make it through this whole episode with BitcoinExpress and the threat of a 51%, I posture that it will signal a symbolic end of what you could call "the Early Adopter Period" and will give rise to a new time of infrastructure development.

This 51% scare has not only mobilized the LTC community in a way I think many didn't expect possible, it also has generated a greater sense of "ownership" among coin holders as a psychological reaction to the threat of being 'attacked'. Interestingly I would note also that much like durring a flood when individuals who's possessions are not threatened by the rising waters find great satisfaction and pride in contributing to an effort to protect the possessions of others, we see here also a large number of people contributing to the LTC effort regardless of whether or not they had something to lose by it's collapse.

Hopefully this has galvanized the community in such a way that will make it possible to move forward with strong growth. As some pointed out in a post that I lost the link of (pm?), the time for BTC GPU miners to switch to Litecoin is not actually in October but rather already now. LTC is already more profitable to mine and for those invested in BTC GPU equipment the difficulty is comparatively low. We most likely won't be able to say the same come ASIC's arrival and an ever increasing number of BTC miners can be expected to being to start applying hash power towards the LTC network. The ability of the LTC community to dramatically push the hash power of the network up durring this time of (panic) by BitcoinExpress further confirms that there is a latent pool of computational power that people are willing to apply to LTC.

Additionally this 'end of the early adopter period' coincides with a difficulty that from now on prevents all but the largest of miners from acquiring large balances through solely mining alone- and even then it will be difficult. This means that production of coins will be distributed across a wider number of individuals, and even for those producing small numbers of coins, the psychological impact will be significant. The sense of community will grow as a larger number of individuals (mining fewer coins individually) will feel a greater sense of community, and due to an increasing difficulty of mining, they will attach a greater monetary value to their coins. 

It also means that the acquisition of large amounts of LTC wealth will begin to require more and more ingenuity rather then computational hash power. I think we should expect to see people increasingly act in an entrepreneurial capacity to accomplish this: building services, accepting LTC as payment, and yes- theft.

If all goes well for the next few days, I expect to see a bright and positive future ahead for crypto.

Was thinking the same thing man...

Well said.

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. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
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July 26, 2012, 06:39:26 PM
 #13

As a troll, I can appreciate the rebound effect of a good challenge.
But trolls are crude, not vicious.
They make things difficult, not personal.

This episode has been on the troll scale, meh.

As for the early adopter period being over and all the hoopla about distribution:
Pics or it didn't happen.
Bitcoiners were minted when idiots still thought we would pull out from the economic train wreck.
Litecoiners were the second wave (two more coming), a little less optimistic, a lot more driven.

Litecoin began with one leg in the infrastructure stage because of the delusional rhetoric coming from bitcoiners.
Litecoiners did not have the means to enter a productive stage in bitcoin. "a store of value, a store of value" droned the new sages.
Mostly fluff.

Cryptocoins will not take hold until the early adopter stage, wealth building stage, and industrial stage overlap with the trading stage.
We have two more waves to get this right.

I can't stand the concept of demurrage. It takes your wealth while it's in your wallet. The critical issue is that it imposes pressure regardless whether the local economy will benefit from it or not.
Demurrage is action at a distance. Decrees without any consequences or feedback to those making the decrees. Besides the goals can be achieved without demurrage.

However, watching big Bitcoiners talking about "well do you have some service to offer?" when they knew very well that was a meaningless question.
1. Small Bitcoiners were starting from the bottom and therefore would not be anywhere near in the sphere of big Bitcoiners.
2. Big Bitcoiners have no needs that the small Bitcoiners could serve anyway, therefore it's also a fairly elitist question.

All of that wouldn't matter much except for big Bitcoin idiots calling altcoin a scam.

So let me get this straight:
1. You have no needs for anyone to service.
2. You don't invest in anything not already well on its way.
3. You demand those who can't serve you to use your currency or die.
4. You accuse people who can't serve you of being scammers because they create their own community.

This isn't intended for those who have put many hours into bitcoin and newcomers: PLS TAKE A CHILL PILL AND STFU!

As soon as this shit is over, people I work with will:
1. Resurrect litecoin if it is destroyed.
2. Develop chain neutral features.
3. Push viral lightweight technologies for real economic strength in communities.
4. Troll the living fuck out of the remaining Messianic nutjobs in this community.

If you feel Universe has trolled you exclusively, please donate to Emergency Butthurt Support Fund:
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Proceeds go to Emergency Butthurt Escape Pod none of you will be allowed to use. If you have read this far, you must pay Emergency Butthurt Internet Tax.
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July 26, 2012, 07:46:35 PM
 #14

If we make it through this whole episode with BitcoinExpress and the threat of a 51%, I posture

Indeed you do Cheesy


2. Develop chain neutral features.
3. Push viral lightweight technologies for real economic strength in communities.
4. Troll the living fuck out of the remaining Messianic nutjobs in this community.

No offense, but you sound like an out-of-wedlock kid of this and this. With a bit of viral horizontal gene transfer from thisSmiley

Grin
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July 26, 2012, 08:52:06 PM
 #15

I'd love to promote some new community projects revolving around litecoin on our site https://litebit.co
We added a bunch the last time litecoin moved near .005 value at the beginning of the year.  However, lack of interest as the coin lost value again caused most of the ones we host to lose support or go offline completely.

Add the adoption of our first (yay!) and I haven't updated it much the past 5 months. 

We host projects for free, link them back to the respective forum topics on bitcointalk.org, and post donation addys for donor support.  We have comment sections for each project and timelines of development progress.  Our main goal of starting LiteBit was to spur on development, recruit talent for project teams & provide teams with maximum exposure for donors.

PM me project links, ie: bitcointalk.org topics or website addys and I'll do my best to add them within 48 hours.

Anyways, we're still online and ready to support more litecoin projects.

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July 26, 2012, 10:12:33 PM
 #16

Bitlane, did you say something, I can't hear you?

Click on the "Show/Hide" link to the right...   Wink

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July 26, 2012, 11:28:46 PM
 #17

crazy_rabbit +1

1. Litecoin 2. Bitcoin 3. Any of the Anon coins
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July 27, 2012, 12:11:43 AM
 #18

Interested in creating a top-notch litecoin 1:1 exchange and maybe add it to our site for margin trading.

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