Topic: BTC is useless now. - page 2. (Read 13959 times)

Simran: No offense, just a guess: you own a lot of litecoins, and is spreading FUD about bitcoin because you then hope the price of litecoin raise?

Quote from: Simran on March 16, 2013, 12:13:09 PM

Bitcoin is a great piece of software for it's time, and it being open source was very helpful. There have been a handful of developers that have taken an advantage of this opportunity to create their own cryptocurrency. Although Bitcoin being the first and dominating currency at the moment, it still suffers from some flaws, or rather features. Along came a crytocurrency called Litecoin, it being based off the Bitcoin source, had some tweaks made to it. Bitcoin using SHA256, this coin [litecoin] uses the algorithm called sCrypt. Aside from that, the confirmations for this coin are faster than Bitcoins. This is a big advantage for merchants(Aside from the current features Bitcoin already offers). Silk Road was another event/service that helped the rise in Bitcoins and gain more attention towards it. Silk Road was a major service that made some of what Bitcoin is, and a service that Litecoin didn't have yet. Bitcoin still suffering from long confirmation times, people thought it would be nice to have a similar website to Silk Road for Litecoin. Atlantis was recently created as a Silk Road to Litecoin. Merchants could move over to Atlantis and enjoy the luxury of faster confirmations.

First, faster block generation = more (and longer) orphaned block (chains) = you need to wait for more "confirms", before a transaction can be trusted.

It is not like "bitcoin = 10 minutes" but if you use litecoin then you only need to wait 2.5 minutes. <-- in this case, litecoin is A LOT less secure than bitcoin.

And guess what would happen if bitcoin and litecoin would switch in transaction activity, then the litecoin blockchain would way way way more bloated than the bitcoin blockchain is now (because more blocks = more overhead). Do you think the 10 minutes pr block was chosen to annoy bitcoin users?

Also exactly how is scrypt better than SHA2? The way I see it, then litecoin is WAY MORE vulnerable to anyone renting a botnet and perform a doublespend attack.

You're retarded for thinking a Botnet can do a double attack with a botnet now. You'll need at least $10k now. Now if you were talking about 2-3 weeks ago, a botnet with $500 could have done it, but not now.

I don't believe skynet exist - yet (I don't think a botnet can do a "double attack" with a botnet) Tongue

However, I think a person or a group of persones can rent a botnet and use it to double spend (I don't think we should be affraid of botnets with artificial intelligence).

And before you call me retarded, you might want to look at what yourself wrote 4 days ago:

Quote from: Chris Acheson on March 16, 2013, 11:38:39 AM

Right now it'd cost somewhere around $20,000 to buy a botnet capable of performing 51% attacks against the Litecoin network.

However, you could make $200,000 from ripping off BTC-E's LTC/BTC buy orders alone.

$20,000? Have you ever had a botnet? Do you know how much one infected computer costs, especially when spending $500?

If you're spending $500 on installs, it's $0.005 per install. Each will probably get 3-5 kH/s assuming that they're shitty.

$500 is 100,000 installs, yes, 100,000 infected computers to mine for you, getting you the speed of 300,000 - 500,000 kH/s on the whole muthafucking network!

I'm sure $500-$700 of installs could practically destroy LTC [...]

LOL

And now you are wondering why everyone don't use Litecoin? A currency which four days ago could be destroyed by less than $1000.
Even assuming it would cost $10k today (which it wont), do you think people would feel secure? Secure enough to sell their houses/cars with litecoin? This is something people can with bitcoin.

Quote from: Simran on March 20, 2013, 06:56:16 AM

Quote from: Atruk on March 20, 2013, 03:41:59 AM

Simran,

Is there a decent Litecoin SPV client yet, or is the Litecoin client going to suffer inevitably when people use the blockchain for, you know... these things called transactions...

LOL Litecoin can handle way more transactions than Bitcoin can. Like people on the Bitcoin side bitch about SatoshiRoulette spamming the blockchain, that same same "spam" on the Litecoin side leaves us unaffected.

"unaffected" ? No, it would leave you with a even bigger blockchain, which means even longer download time and even longer verification time.
The "2.5 min pr block" (litecoin) = more bloat than bitcoin.

IF people actually started to use litecoin (not like now, with almost none transaction / activity), then all litecoins problem would become clear right away.

Right... you are posting absolute drivel without a shred of fact. Not surprising, the majority of you do not have the slightest clue how blockchains function. No SPV needed right now...How strange.

Anyways, if you want to discuss easily hashed algorithms, let's discuss sha256 and the overwhelming amount of asics residing in the US government's control. Let's just hope they don't get tired of you guys 'abusing' their technology for illegal purposes. By being a shortsighted, misinformed child, you have failed to grasp the concept of pure mathematical 'difficulty' (as our brains perceive) is highly irrelevant when it comes to calculations of this complexity. It is *far* more difficult and expensive to amass substantial scrypt hashpower.

So no, your highly biased, unsupported and meaningless opinion that outdated technology will continue to hold long-term value is faintly ridiculous.

Enjoy the BTC profits, I sure have and will continue to as long as you trade like emotional children.

Really though, you people cannot be this stupid...Right?

wizzardTim

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Reality is stranger than fiction

Quote from: Simran on March 19, 2013, 06:21:11 PM

Quote from: maxcarjuzaa on March 19, 2013, 06:19:13 PM

Quote from: Simran on March 18, 2013, 05:41:18 PM

Now, some of the faggits might say "Well, Bitcoin has only be around few a small amount of years", yeah foo, have you ever heard of Crypto years?

1 year = 12.5 crypto years(for BTC)
1 year = 20 crypto years(for LTC) //All depends on the coding and what not is how the years are calculated.

Anyhow, I think it would be appropriate for users to accept LTC as a newer and better cryptocurrency than to BTC.

Simram:
You got me, what is a crypto year?
I like litecoin very very much, but you are not taking very important things in consideration. Bitcoin will probably be the gold being litecoin the silver for many years to come, however I think LTC will outperform BTC in the next 12 month. I do not see LTC taking over BTC in the near term.

I was just joking about the Crypto years. People are always saying that Litecoin is a copy of Bitcoin, but forget that it's faster and can outperform Bitcoin.

It's really faster, it's true, I was surprised when I saw its speed. I donot know whether it can uotperform BTC or not, but I surely believe in its potential. It can be treated like a separated coin. No need to have similar paths with BTC. We can use it, and it will grow. It's just a matter of time.

Nicolai

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Simran: No offense, just a guess: you own a lot of litecoins, and is spreading FUD about bitcoin because you then hope the price of litecoin raise?

Quote from: Simran on March 16, 2013, 12:13:09 PM

Bitcoin is a great piece of software for it's time, and it being open source was very helpful. There have been a handful of developers that have taken an advantage of this opportunity to create their own cryptocurrency. Although Bitcoin being the first and dominating currency at the moment, it still suffers from some flaws, or rather features. Along came a crytocurrency called Litecoin, it being based off the Bitcoin source, had some tweaks made to it. Bitcoin using SHA256, this coin [litecoin] uses the algorithm called sCrypt. Aside from that, the confirmations for this coin are faster than Bitcoins. This is a big advantage for merchants(Aside from the current features Bitcoin already offers). Silk Road was another event/service that helped the rise in Bitcoins and gain more attention towards it. Silk Road was a major service that made some of what Bitcoin is, and a service that Litecoin didn't have yet. Bitcoin still suffering from long confirmation times, people thought it would be nice to have a similar website to Silk Road for Litecoin. Atlantis was recently created as a Silk Road to Litecoin. Merchants could move over to Atlantis and enjoy the luxury of faster confirmations.

First, faster block generation = more (and longer) orphaned block (chains) = you need to wait for more "confirms", before a transaction can be trusted.

It is not like "bitcoin = 10 minutes" but if you use litecoin then you only need to wait 2.5 minutes. <-- in this case, litecoin is A LOT less secure than bitcoin.

And guess what would happen if bitcoin and litecoin would switch in transaction activity, then the litecoin blockchain would way way way more bloated than the bitcoin blockchain is now (because more blocks = more overhead). Do you think the 10 minutes pr block was chosen to annoy bitcoin users?

Also exactly how is scrypt better than SHA2? The way I see it, then litecoin is WAY MORE vulnerable to anyone renting a botnet and perform a doublespend attack.

You're retarded for thinking a Botnet can do a double attack with a botnet now. You'll need at least $10k now. Now if you were talking about 2-3 weeks ago, a botnet with $500 could have done it, but not now.

I don't believe skynet exist - yet (I don't think a botnet can do a "double attack" with a botnet) Tongue

However, I think a person or a group of persones can rent a botnet and use it to double spend (I don't think we should be affraid of botnets with artificial intelligence).

And before you call me retarded, you might want to look at what yourself wrote 4 days ago:

Quote from: Chris Acheson on March 16, 2013, 11:38:39 AM

Right now it'd cost somewhere around $20,000 to buy a botnet capable of performing 51% attacks against the Litecoin network.

However, you could make $200,000 from ripping off BTC-E's LTC/BTC buy orders alone.

$20,000? Have you ever had a botnet? Do you know how much one infected computer costs, especially when spending $500?

If you're spending $500 on installs, it's $0.005 per install. Each will probably get 3-5 kH/s assuming that they're shitty.

$500 is 100,000 installs, yes, 100,000 infected computers to mine for you, getting you the speed of 300,000 - 500,000 kH/s on the whole muthafucking network!

I'm sure $500-$700 of installs could practically destroy LTC [...]

LOL

And now you are wondering why everyone don't use Litecoin? A currency which four days ago could be destroyed by less than $1000.
Even assuming it would cost $10k today (which it wont), do you think people would feel secure? Secure enough to sell their houses/cars with litecoin? This is something people can with bitcoin.

Quote from: Simran on March 20, 2013, 06:56:16 AM

Quote from: Atruk on March 20, 2013, 03:41:59 AM

Simran,

Is there a decent Litecoin SPV client yet, or is the Litecoin client going to suffer inevitably when people use the blockchain for, you know... these things called transactions...

LOL Litecoin can handle way more transactions than Bitcoin can. Like people on the Bitcoin side bitch about SatoshiRoulette spamming the blockchain, that same same "spam" on the Litecoin side leaves us unaffected.

"unaffected" ? No, it would leave you with a even bigger blockchain, which means even longer download time and even longer verification time.
The "2.5 min pr block" (litecoin) = more bloat than bitcoin.

IF people actually started to use litecoin (not like now, with almost none transaction / activity), then all litecoins problem would become clear right away.

Simran

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Quote from: Atruk on March 20, 2013, 03:41:59 AM

Simran,

Is there a decent Litecoin SPV client yet, or is the Litecoin client going to suffer inevitably when people use the blockchain for, you know... these things called transactions...

LOL Litecoin can handle way more transactions than Bitcoin can. Like people on the Bitcoin side bitch about SatoshiRoulette spamming the blockchain, that same same "spam" on the Litecoin side leaves us unaffected.

Quote from: ElectricMucus on March 20, 2013, 03:03:00 AM

Quote from: matauc12 on March 19, 2013, 07:10:56 PM

You don't have to reward different tasks fairly compared to others. Just fairly between everyone. There is not really a NEED for faster transactions than what is already under 1hour, it IS good enough.

The hardest thing to achieve for cryptocurrencies (or just currencies) is adoption and scarcity. Bit coin (and growing litecoin) have that advantage vs whatever isn't invented yet.

Unless there is a very real problem that something else can fix, its not true that its gonna get replaced for minor improvements.

I do believe the two can coexist, one being of lesser value, tighter parity and faster, the other one being "the face and name of cryptocurrency" achieving more scarcity and adoption than everything else currently.

Again, keep in mind this are only my own suggestions for improvements. Any project involving a larger group of people, what a rewrite from scratch most likely be would include other and more different improvements.

And then for something to be improved upon there doesn't has to be a desperate need for - just an advantage. What I often say in this respect, most likely further innovation will not come out of this community because of cargo cult mentality and herding behavior you are demonstrating. To that effect Bitcoiners probably will still think they gonna be the new wealthy elite until it is too late. When this community gets wind of it the project which made Bitcoin useless it will already be magnitudes larger. But once acceptance settles it will be literally over night.

I absolutely, positively agree.

Atruk

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Simran,

Is there a decent Litecoin SPV client yet, or is the Litecoin client going to suffer inevitably when people use the blockchain for, you know... these things called transactions...

ElectricMucus

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Marketing manager - GO MP

Quote from: matauc12 on March 19, 2013, 07:10:56 PM

You don't have to reward different tasks fairly compared to others. Just fairly between everyone. There is not really a NEED for faster transactions than what is already under 1hour, it IS good enough.

The hardest thing to achieve for cryptocurrencies (or just currencies) is adoption and scarcity. Bit coin (and growing litecoin) have that advantage vs whatever isn't invented yet.

Unless there is a very real problem that something else can fix, its not true that its gonna get replaced for minor improvements.

I do believe the two can coexist, one being of lesser value, tighter parity and faster, the other one being "the face and name of cryptocurrency" achieving more scarcity and adoption than everything else currently.

Again, keep in mind this are only my own suggestions for improvements. Any project involving a larger group of people, what a rewrite from scratch most likely be would include other and more different improvements.

And then for something to be improved upon there doesn't has to be a desperate need for - just an advantage. What I often say in this respect, most likely further innovation will not come out of this community because of cargo cult mentality and herding behavior you are demonstrating. To that effect Bitcoiners probably will still think they gonna be the new wealthy elite until it is too late. When this community gets wind of it the project which made Bitcoin useless it will already be magnitudes larger. But once acceptance settles it will be literally over night.

FixDragonsTalePlease

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Can a Mod just fuckin ban Simran...

He's causing severe damage to the part of the brain that processes intelligence...

matauc12

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Funny how you are the one mentioning accuracy.....

Simran

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Quote from: matauc12 on March 20, 2013, 01:05:49 AM

I'm sure everyone agrees with you on this one and that you are keeping your whole lot of credibility and your blatantly contradicting posts with these really weightless deflections.... Happy for you really.

Sarcasm

You don't know the definition of accuracy. You're talking precision, not accuracy. Think they're the same? pls.

matauc12

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I'm sure everyone agrees with you on this one and that you are keeping your whole lot of credibility and your blatantly contradicting posts with these really weightless deflections.... Happy for you really.

Sarcasm

Simran

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Quote

author=matauc12 link=topic=154649.msg1645823#msg1645823 date=1363758431]
Nosidn't say a specific number (like 10.21%) implying its an estimation. In fact, it could be 40% and your post would still be 100% (not an estimation) retarded.

So instead of deflecting questions, you should take the time you use to Google my public totally non-anonymous profiles to somewhat formulate meaningful posts in your own thread.

You didn't estimate, "considering the difficulty 3 days ago was merely -10%" and that can equal up to 40%? Okay, let me put that into perspective

Ex. "Hey guys, I contribute a MERE 10% hashrate to the network... oh I forgot to mention, that MERE 10% is actually 40%.. I can calculate accurately!"

I didn't say it was 10%, I said it was more than 10% and it was. Go off now, no need to justify anymore.

matauc12

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Notice that I didn't say a specific number (like 10.21%) implying its an estimation. In fact, it could be 40% and your post would still be 100% (not an estimation) retarded.

So instead of deflecting questions, you should take the time you use to Google my public totally non-anonymous profiles to somewhat formulate meaningful posts in your own thread.

Simran

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Quote from: matauc12 on March 20, 2013, 12:26:50 AM

Quote from: Simran on March 19, 2013, 11:56:20 PM

Quote from: matauc12 on March 19, 2013, 11:40:49 PM

See, your comeback is even worst than the rest, considering the difficulty 3 days ago was merely -10% (and actually the same as in like 2 days). So explain to me (seriously, please do ) how all your bullshit makes sense with a 10% difference.

Mr. Aucoin, the difficulty 3 days ago was than 10% less. I can not trust your claim when you credibility and unable to do simple math functions, it surprises me you know what a percentage is. With that said, Mr. Aucoin, I ask of you to click that yellow Ignore button of mine to stop that irony that you seem to have noticed I've created.

of course.
http://www.litecoinpool.org/charts

I guess you are right and the charts are wrong.

It's still more than 10% on that chart. Roll Eyes

Learn2Calculate

matauc12

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Quote from: Simran on March 19, 2013, 11:56:20 PM

Quote from: matauc12 on March 19, 2013, 11:40:49 PM

See, your comeback is even worst than the rest, considering the difficulty 3 days ago was merely -10% (and actually the same as in like 2 days). So explain to me (seriously, please do ) how all your bullshit makes sense with a 10% difference.

Mr. Aucoin, the difficulty 3 days ago was than 10% less. I can not trust your claim when you credibility and unable to do simple math functions, it surprises me you know what a percentage is. With that said, Mr. Aucoin, I ask of you to click that yellow Ignore button of mine to stop that irony that you seem to have noticed I've created.

of course.
http://www.litecoinpool.org/charts

I guess you are right and the charts are wrong.

Simran

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Quote from: matauc12 on March 19, 2013, 11:40:49 PM

See, your comeback is even worst than the rest, considering the difficulty 3 days ago was merely -10% (and actually the same as in like 2 days). So explain to me (seriously, please do ) how all your bullshit makes sense with a 10% difference.

Mr. Aucoin, the difficulty 3 days ago was than 10% less. I can not trust your claim when you credibility and unable to do simple math functions, it surprises me you know what a percentage is. With that said, Mr. Aucoin, I ask of you to click that yellow Ignore button of mine to stop that irony that you seem to have noticed I've created.

matauc12

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Activity: 658

Merit: 500

See, your comeback is even worst than the rest, considering the difficulty 3 days ago was merely -10% (and actually the same as in like 2 days). So explain to me (seriously, please do ) how all your bullshit makes sense with a 10% difference.

Simran

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Quote from: matauc12 on March 19, 2013, 11:00:50 PM

Simran: No offense, just a guess: you own a lot of litecoins, and is spreading FUD about bitcoin because you then hope the price of litecoin raise?

Bitcoin is a great piece of software for it's time, and it being open source was very helpful. There have been a handful of developers that have taken an advantage of this opportunity to create their own cryptocurrency. Although Bitcoin being the first and dominating currency at the moment, it still suffers from some flaws, or rather features. Along came a crytocurrency called Litecoin, it being based off the Bitcoin source, had some tweaks made to it. Bitcoin using SHA256, this coin [litecoin] uses the algorithm called sCrypt. Aside from that, the confirmations for this coin are faster than Bitcoins. This is a big advantage for merchants(Aside from the current features Bitcoin already offers). Silk Road was another event/service that helped the rise in Bitcoins and gain more attention towards it. Silk Road was a major service that made some of what Bitcoin is, and a service that Litecoin didn't have yet. Bitcoin still suffering from long confirmation times, people thought it would be nice to have a similar website to Silk Road for Litecoin. Atlantis was recently created as a Silk Road to Litecoin. Merchants could move over to Atlantis and enjoy the luxury of faster confirmations.

First, faster block generation = more (and longer) orphaned block (chains) = you need to wait for more "confirms", before a transaction can be trusted.

It is not like "bitcoin = 10 minutes" but if you use litecoin then you only need to wait 2.5 minutes. <-- in this case, litecoin is A LOT less secure than bitcoin.

And guess what would happen if bitcoin and litecoin would switch in transaction activity, then the litecoin blockchain would way way way more bloated than the bitcoin blockchain is now (because more blocks = more overhead). Do you think the 10 minutes pr block was chosen to annoy bitcoin users?

Also exactly how is scrypt better than SHA2? The way I see it, then litecoin is WAY MORE vulnerable to anyone renting a botnet and perform a doublespend attack.

You're retarded for thinking a Botnet can do a double attack with a botnet now. You'll need at least $10k now. Now if you were talking about 2-3 weeks ago, a botnet with $500 could have done it, but not now.

Oh the irony.....

3 days ago you posted this.... How fucking retarded?

"$20,000? Have you ever had a botnet? Do you know how much one infected computer costs, especially when spending $500?

If you're spending $500 on installs, it's $0.005 per install. Each will probably get 3-5 kH/s assuming that they're shitty.

$500 is 100,000 installs, yes, 100,000 infected computers to mine for you, getting you the speed of 300,000 - 500,000 kH/s on the whole muthafucking network!

I'm sure $500-$700 of installs could practically destroy LTC, but, who actually has such an amount has an amount? No one."

Your credibility has just fallen from 0 to -21. You make it way too easy buddy. Time to make a third iteration of your post.

/facepalm, have you compared the difficulty to the day I posted that to now?

Your math skills, reading skills, and credibility fell from nonexistent... to uhm... nonexistent.. oh gawd, nothing has changed, you're the same dipshit, Mathieu.

matauc12

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Simran: No offense, just a guess: you own a lot of litecoins, and is spreading FUD about bitcoin because you then hope the price of litecoin raise?