Topic: [2013-11-21] Alpha Technologies Announces ASIC Miners for Litecoin are Coming - page 4. (Read 21075 times)

You're absolutely correct. These knob-slobbers made a point to say that the lowest common denominator was the driving force behind their farce-coin.

And now, its trading like a penny stock, because nobody takes it, and the only "value" is some idiot called "fontas" organizing pump-and-dumps for it, on a clockwork basis.

Who is involved with this coin is beyond me, other than the hopelessly optimistic.

Bullshit.

Litecoin was designed to be resistant to GPU mining.

When that didn't work out, they just quietly pretended to have never made those claims in the hope nobody would notice.

Anyway, this thread should be in alternate cryptocurrencies. The story does not meet Wikipedia's Notability guidelines with respect to Bitcoin.

Maybe the Litecoin dev team should made a statement that the cryto function would be modified should an Asic arise for scrypt.

just my 0.02 Ltc

I agree there are some lame arguments made - some really lame arguments. But I don't agree with those that think bitcoin is in a exclusive position of utility.

Litecoin will likely succeed. Okpay just started accepting them. They can be traded on other exchanges. And MtGox will set off the chain reaction when they - not too far out from now - include them (and perhaps some other alts) with their new trading engine. Coinbase will accept litecoin in particular right after that. By the way, the developer of litecoin is employed at Coinbase.

Some basic reasoning and admittedly my gut too tell me litecoin, from now, will blow bitcoins growth away by a factor of five to ten times in the long term.

I can't agree more. Although Litecoin was designed to be resistant to ASIC design, Scrypt (as best I understand) was a cryptographic tool designed specifically to be expensive to design and build ASIC devices to target it. The inventors of scrypt never claimed it to be ASIC-proof, they claimed it to be ASIC-cost-resistant. The designers of Litecoin were probably more aware of that than anyone. there's great technical explanation of scrypt as a crypto-tool with regards to ASIC design cost here[1].

In my opinion, it is still serving the same purpose even if scrypt-ASIC devices are coming to market. These devices are going to be more expensive to design and manufacture, and are yet to be seen to have the exponential performance increases over GPU miners that SHA256 ASIC's have shown. Even if they do increase performance by orders of magnitude, they will do so at the cost of a boat-load of RAM and memory throughput, which is neither easy or cheap. This will slow the flow of ASIC's in comparison to the btc counterparts, and things would stay decentralized longer.

If people can make money with a raw computing process, people will build computers to do it faster.

The other differences between litecoin and bitcoin are pretty solid: transactions should happen faster, and there should be more total available to mine (The recent price spike seems to tell me that pretty clearly.)

When BTC touched the price of an oz. of gold, the need for a "silver" along side got a whole lot more tangible. lol, forgot to mention that ltc is worth more than silver right now, I didn't realize until this very moment.

[1] -http://www.tarsnap.com/scrypt/scrypt-slides.pdf

I don't care what people say, no crypto-currency is safe from ASIC chips. When a cryptocurrency becomes valuable enough, ASIC chips will be made. They may take longer to design, or cost more per gh, but they can always be made.

Try Megacoin... LTC should keep a close eye out... MEC is coming for its spot.

so Litecoin is now bitcoin but younger, I wonder how long before people realize this. Probably the same time, and ive been saying this over and over again, they realize they can buy 0.05 of a btc!!

Emailed these lot twice about meeting them and putting a face to the name for a number of people. Got zero reply. Not exactly someone I want to trust my money with considering not as much as a hello.

of course its already different today and will be even more in the future. i also mentioned some other reasons for a second crypto, and Litecoin is the best choice!

Catching up?


They are only six months behind. I guess that is catching up after being 12 months behind. You're right. Thanks for pointing that out.

lol wtf...

Of course.  Now the  litecoiners will have one less lame argument to make.  Pretty much all that is left is "Please buy my ltc so I can buy btc. Please?"

In all your arguments you assume that Litecoin and Bitcoin are/will be different. Yet, this is here is a news post about the start of ASIC development for Litecoin. The claim that Litecoin could not be run on ASICs is the one property that sets it apart from Bitcoin. Once those ASICs are running, Litecoin is pretty much Bitcoin just with a different blockchain.

And as you point out yourself, a direct copy is worthless.

And thats worthless. Litecoin has far the best devs and community after bitcoin.
When time goes by, both currencys will have even greater variations. Its also a backup for bitcoin. If these devs do something terrible wrong, you can go with litecoin which is far more community based in my opinion.

And its always the same:

Example: You have samsung. Why apple, sony, motorola etc?

People want to have options. And they think: dont put all eggs In one basket.

Someone already did. They called it feathercoin.

Time to sell all the GPU mining gear

I'll try to get some info about the guy and company. It's Manchester, UK based company and I know lot of local Manchester City fans so I have already sent some PMs.

Litecoin was originally billed as a CPU-only coin, with Coblee even threatening to change the proof-of-work after GPU mining was demonstrated.  After GPU mining took over and Coblee was too lazy to change the proof-of-work, litecoiners started calling CPU coins "botnet coins".  What will they call GPU coins now?

In two years litecoin couldn't even get 100 merchants.  Meanwhile, Bitpay has 12,000 merchants and Coinbase has 13,000, up 2000% year over year.

ass. BFL's finally catching up: https://forums.butterflylabs.com/blogs


dude, did ASICMINER block erupters more centralize or decentralize the mining?

So these are Scrypt-enabled ASICs? I find it highly amusing that a group supporting Litecoin, who originally were promoting it as a haven for people who wanted to put their GPU's to work, are now adopting the technology that they decried as "centralizing mining power". Wow, what a bunch of hypocrites.

And that isn't even addressing the massive scalability problems that Litecoin will have if they attempt to get it anywhere near the total network size that Bitcoin is right now.

What a clowncar of an alt-coin.