Topic: ? (Read 2655 times)
The problem with both currencies is that you can't trust any significant amount of coins to anyone. See Bitcoinica clusterfuck. I'm guessing come November and the block reward halving Gpu mining might be the only legal thing left to do with GPUs to earn any money at all. Except if you want to "mine" Diablo III gold or rare items.
This is crazy. If difficulty holds as is atleast for 7 days, I will be able to mine 2068.60145616 LTC in 7 days and exchange it at the moments exchange rate for nearly 10 BTC! 10 BTC in 7 days! Madness. It doubled up over night because it was 5 btc for me and now it's ten btc. Normally, I'd make some where around 3 btc in a week mining bitcoins.
Difficulty is getting jacked up. It looks like the LTC community sort of starting buying into itself as soon as ASIC's promise shown up. People are expecting to mine LTC, and since they are investing money into it developers are going to pick up LTC, and it will quickly integrate into everything that Bitcoin already has. Bitcoin paved a path, LTC just needs to walk down it. The early LTC miners might make a killing, but as of now it could all just collapse. We're making a lot on ltc vs. btw mining now, but in 2 weeks time it will average (probably sooner). Until ASICs consume BTC, I could see a back and forth with GPU miners. If no progress is done with the actual public use of LTC though, we're all just sitting on wooden nickels.
This is crazy. If difficulty holds as is atleast for 7 days, I will be able to mine 2068.60145616 LTC in 7 days and exchange it at the moments exchange rate for nearly 10 BTC! 10 BTC in 7 days! Madness. It doubled up over night because it was 5 btc for me and now it's ten btc. Normally, I'd make some where around 3 btc in a week mining bitcoins.
Difficulty raised already.
This is crazy. If difficulty holds as is atleast for 7 days, I will be able to mine 2068.60145616 LTC in 7 days and exchange it at the moments exchange rate for nearly 10 BTC! 10 BTC in 7 days! Madness. It doubled up over night because it was 5 btc for me and now it's ten btc. Normally, I'd make some where around 3 btc in a week mining bitcoins.
But LTC? If there were services for it, however, it'd be a perfect backup currency to BTC.
Under what circumstances would BTC need a backup?
Say merchant xyz wanted to accept crypto-currency. Why would they choose LTC over BTC?
The reality is they wouldn't which is why LTC has no value.
It's not a back-up so much as an alternative. LTC is more resistant to ASIC mining due to massive memory bandwidth requirements. ASIC mining will probably make up almost all of bitcoin mining in a few months time.
This alone may be a reason LTC may become just as popular as BTC. The fun is gone for the vast majority if you can't compete with overrich aSSIclowns even with a decent GPU or FPGA. Perhaps, if LTC lifts off, interest for an BTC will even decline for the exact same reason. Otherwise, there is hardly anything that LTC can't provide that BTC can. Adjustments are much faster, transactions are faster, and saying it isn't worth anything because there are no services for it yet would have been the same argument for BTC two years ago. Cryptocurrencies are all about trust, many GPU miners see, to already trust it and point their rigs over to mine LTC instead. I did so, too. Just in case.
But LTC? If there were services for it, however, it'd be a perfect backup currency to BTC.
Under what circumstances would BTC need a backup?
Say merchant xyz wanted to accept crypto-currency. Why would they choose LTC over BTC?
The reality is they wouldn't which is why LTC has no value.
much faster transaction confirmation
Faster transaction confirmation does not mean that it provides the same security level. It's like accepting bitcoin transactions after say 1 or 2 confirmations.
Also, the SCrypt that LTC uses is rather obscure and much less studied than SHA256 and may not be able to stand up to the scrutiny required for a 50+ million $ market cap like bitcoin.
But LTC? If there were services for it, however, it'd be a perfect backup currency to BTC.
Under what circumstances would BTC need a backup?
Say merchant xyz wanted to accept crypto-currency. Why would they choose LTC over BTC?
The reality is they wouldn't which is why LTC has no value.
It's not a back-up so much as an alternative. LTC is more resistant to ASIC mining due to massive memory bandwidth requirements. ASIC mining will probably make up almost all of bitcoin mining in a few months time.
But LTC? If there were services for it, however, it'd be a perfect backup currency to BTC.
Under what circumstances would BTC need a backup?
Say merchant xyz wanted to accept crypto-currency. Why would they choose LTC over BTC?
The reality is they wouldn't which is why LTC has no value.
much faster transaction confirmation
https://bitcointalksearch.org/topic/m.1014007
My hash rate with bitcoin mining is 768.0 Mhash/s = 3.09-3.12 BTC a week vs the link above
I had my cards configured wrong! I had to up the memory.
Hmm so then bitcoin should be the only cryptocurrency? Well too bad! Just like myspace wasn't the only social media website, thus Facebook came along....
Where did I say anything about "should". Facebook was superior to myspace and displaced it. If facebook sole claim to success was that it started with an f and not a m it wouldn't have.
Cryptocurrencies can certainly co-exist with Bitcoin and it is entirely possible some SUPERIOR crypto-currency will displace Bitcoin.
You wanting to support another currency has no relevancy on WHY a merchant might choose LTC over BTC. The reality is there is absolutely no reason to choose LTC which means an rational merchant won't. LTC will continue to be a pump and dump altcoin scam until it ends up sub millicents per coin like all the other ones. Why? It simply has no purpose.
To use your myspace analogy it would be like a smaller, inferior, less popular myspace came along. Yup myspace would still be on top.
Quote
Edit: I support BTC even though I support LTC. Most LTC supporters actually are pro bitcoin.
Which is irrelivent to the post you responded to (adoption by merchants). This isn't a football teams. There is no reason to cheer for the home team. LTC has no purpose, it won't ever be adopted by merchants and users in significant enough numbers to achieve a critical mass. Its sole purpose is to mine it and sell it to suckers before the price collapses.
Why should it be removed, it's about making more BTC 
This is a BTC forum no?
This is a BTC forum no?
As of this post, the word "litecoin" is on the page more times than the word "bitcoin".
Edit: I support BTC even though I support LTC. Most LTC supporters actually are pro bitcoin.
Which is funny because all you're doing is supporting the critics of both!
But LTC? If there were services for it, however, it'd be a perfect backup currency to BTC.
Under what circumstances would BTC need a backup?
Say merchant xyz wanted to accept crypto-currency. Why would they choose LTC over BTC?
The reality is they wouldn't which is why LTC has no value.
Hmm so then bitcoin should be the only cryptocurrency? Well too bad! Just like myspace wasn't the only social media website, thus Facebook came along....
Your point?
Edit: I support BTC even though I support LTC. Most LTC supporters actually are pro bitcoin.
But LTC? If there were services for it, however, it'd be a perfect backup currency to BTC.
Under what circumstances would BTC need a backup?
Say merchant xyz wanted to accept crypto-currency. Why would they choose LTC over BTC?
The reality is they wouldn't which is why LTC has no value.
HD7970 settings
litecoin.conf
protocol litecoin worksize 256
aggression 13
threads_per_gpu 5
sharethreads 18
lookup_gap 2
gpu_thread_concurrency 10240
reaper.conf
kernel reaper.cl
save_binaries yes
enable_graceful_shutdown no
long_polling yes
mine bitcoin
mine litecoin
device 0, device 1
mine solidcoin
gpu_thread_concurrency should be -- amount of shaders your card has X amount of threads you use = gpu_thread_concurrency
aggression 12-14 works best
Your settings make no sense. Either mine bitcoins, or litecoins, or sc. There is nothing wrong with mining litecoins imo as long as you can convert them into btc, but the issue is their whole purpose isn't clear. With namecoins you can buy domains. But LTC? If there were services for it, however, it'd be a perfect backup currency to BTC.
I'd rather mine cosbycoins than litecoins
I have a whole fridge full of cosbycoins. They are delicious.
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