Have you ever owned a botnet?
No. But which kind of question is this? Would anyone answer yes?
Topic: BTC is useless now. - page 3. (Read 13959 times)
No. But which kind of question is this? Would anyone answer yes?
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.
You are joking right? For a double spend attack, you need only 15 minutes of CPU power. The network is at 1.8GH/s. One modern quad-core CPU produces 30kH/s. You only need 60000 of them for 15 minutes.
The largest known botnets are in the ten million systems range. The only tricky part could be to build a pool handling the load but then it would be trivial for a botnet operator to divert 1% of the power at her disposal to mount a full-scale attack done in 15 minutes.
For Litecoin to become immune to botnets it needs 100x its current hashrate. And as scrypt is very CPU friendly, you can't hope that FPGAs or ASICs will one day solve this problem for you like it is being solved right now by Bitcoin. scrypt is actually a problem for Litecoin, not an advantage...
Have you ever owned a botnet?
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.
You are joking right? For a double spend attack, you need only 15 minutes of CPU power. The network is at 1.8GH/s. One modern quad-core CPU produces 30kH/s. You only need 60000 of them for 15 minutes.
The largest known botnets are in the ten million systems range. The only tricky part could be to build a pool handling the load but then it would be trivial for a botnet operator to divert 1% of the power at her disposal to mount a full-scale attack done in 15 minutes.
For Litecoin to become immune to botnets it needs 100x its current hashrate. And as scrypt is very CPU friendly, you can't hope that FPGAs or ASICs will one day solve this problem for you like it is being solved right now by Bitcoin. scrypt is actually a problem for Litecoin, not an advantage...
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?
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.
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.
NOW
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?
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.
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 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.
First
Litecoin is far behind Bitcoin: it hasn't been battle-tested by being hammered with Satoshidice for months. Bitcoin devs have included fixes to UTXO-related problems in Bitcoin 0.8 (DoS of nodes by sending them large amounts of transactions based on invalid inputs for example) that are still missing from Litecoin.
If Litecoin wants to be taken seriously its developers might want to at least take it to the same level than Bitcoin.
Second
Litecoin isn't any faster than Bitcoin for the same security level: confirmations done on average 4 times faster don't mean anything when a single confirmation on the Bitcoin network involves more than 10 times the computation power (1 confirmation of Bitcoin: 40TH/s sha256d during 10 minutes, 6 confirmations of Litecoin: 2GH/s scrypt for 15 minutes).
1 scrypt on GPU: ~1000sha256d on CPU.
40T * 10 * 60 = 24PH sha256d
2G * 15 * 60 = 1.8TH scrypt ~= 1.8PH sha256d
And I'm generous: Bitcoin is probably at 50THs and Litecoin is going down at lest than 1.8GH/s.
Confirmations have a goal: avoiding people rewriting the transactions' history by forking the chain. Their effectiveness rises with the computational power behind them. Having the Litecoin client consider 6 confirmations enough is in fact a limitation: for the same amount of power, it gives the same guarantees than Bitcoin doest at 6 confirmations when it reaches 24 confirmations. It's far easier to disturb a system in a 15 minutes time window than in a whole hour.
Just consider the recent Bitcoin fork: being on IRC I was aware of it before the fork was ahead by 6 blocks (luke-jr was rounding up all the mining power he could find in various channels). The devs had the time to contact pool admins and Gavin could issue a network-wide alert at roughly the time needed to make sure transactions in the fork weren't considered confirmed. With Litecoin it would have been too late probably before anyone noticed the fork.
A note for space geeks: there's a benefit of relatively large time targets, miners with high latencies with the rest of the network can still mine efficiently (not mining on stale data proportionally too long). You could mine on the Moon without any theoretical problem for example. The maximum latency between Mars and Earth is 20 minutes. 6 confirmations (1 hour) is not far from what you'll need anyway if you want Bitcoin transactions between the 2 being usable. Litecoin transactions would be considered confirmed before even being known on the other side (of course you would have to use something other than TCP/IP to make your transmissions across some kind of bridges, but it would be usable)
Disclaimer: I mine Litecoins when they are more profitable than Bitcoin, but it's purely for profit: I really don't see which practical benefits the system's block speed brings.
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?
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.
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.
Well, for once Litecoin is based on the Bitcoin source code. If somebody were to re-write the software from scratch Litecoin could turn out to have an advantage in the long run.
But then if somebody were to do develop a whole new cryptocurrency from scratch why include so little improvements? So in general the future belongs to a yet to be released cryptocurrency concept. One which takes advantage of the possibility to fix the shortcomings Bitcoin and hence Litecoin and all other forks have.
Faster transaction times is still not near instant transactions
Storing every transaction on every node is still inefficient and unsustainable.
Only rewarding the computational part of transaction processing and not storage and network bandwidth is still unfair
An arithmetic function as distribution curve is still more susceptible to pump & dump than a more natural sigmoid function.
Network parameters are still hardcoded and hence not subject to democratic decision
This are just the shortcomings I know of, a real attempt at creating a decentralized economy which goes beyond the proof-of-concept Bitcoin is would include much further improvements. Any project in the magnitude of common FOSS ones will be so vastly superior to BTC, LTC and whatever currently is out there that there simply will be no debate of what is the better system.
People using it wouldn't be concerned about the exchange rate, or if the currency performs better they will simply be busy with real economic activity which will provide them with wealth instead of hoping for a risky gamble to pay up.
This may take a few years, but every day the current cryptocurrencies are out there they contribute to their own demise. I'm not saying their price is going to zero, they can retain some novelty value. But one thing is certain, they are becoming useless, one way or the other.
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.But then if somebody were to do develop a whole new cryptocurrency from scratch why include so little improvements? So in general the future belongs to a yet to be released cryptocurrency concept. One which takes advantage of the possibility to fix the shortcomings Bitcoin and hence Litecoin and all other forks have.
Faster transaction times is still not near instant transactions
Storing every transaction on every node is still inefficient and unsustainable.
Only rewarding the computational part of transaction processing and not storage and network bandwidth is still unfair
An arithmetic function as distribution curve is still more susceptible to pump & dump than a more natural sigmoid function.
Network parameters are still hardcoded and hence not subject to democratic decision
This are just the shortcomings I know of, a real attempt at creating a decentralized economy which goes beyond the proof-of-concept Bitcoin is would include much further improvements. Any project in the magnitude of common FOSS ones will be so vastly superior to BTC, LTC and whatever currently is out there that there simply will be no debate of what is the better system.
People using it wouldn't be concerned about the exchange rate, or if the currency performs better they will simply be busy with real economic activity which will provide them with wealth instead of hoping for a risky gamble to pay up.
This may take a few years, but every day the current cryptocurrencies are out there they contribute to their own demise. I'm not saying their price is going to zero, they can retain some novelty value. But one thing is certain, they are becoming useless, one way or the other.
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.
Well, for once Litecoin is based on the Bitcoin source code. If somebody were to re-write the software from scratch Litecoin could turn out to have an advantage in the long run.
But then if somebody were to do develop a whole new cryptocurrency from scratch why include so little improvements? So in general the future belongs to a yet to be released cryptocurrency concept. One which takes advantage of the possibility to fix the shortcomings Bitcoin and hence Litecoin and all other forks have.
Faster transaction times is still not near instant transactions
Storing every transaction on every node is still inefficient and unsustainable.
Only rewarding the computational part of transaction processing and not storage and network bandwidth is still unfair
An arithmetic function as distribution curve is still more susceptible to pump & dump than a more natural sigmoid function.
Network parameters are still hardcoded and hence not subject to democratic decision
This are just the shortcomings I know of, a real attempt at creating a decentralized economy which goes beyond the proof-of-concept Bitcoin is would include much further improvements. Any project in the magnitude of common FOSS ones will be so vastly superior to BTC, LTC and whatever currently is out there that there simply will be no debate of what is the better system.
People using it wouldn't be concerned about the exchange rate, or if the currency performs better they will simply be busy with real economic activity which will provide them with wealth instead of hoping for a risky gamble to pay up.
This may take a few years, but every day the current cryptocurrencies are out there they contribute to their own demise. I'm not saying their price is going to zero, they can retain some novelty value. But one thing is certain, they are becoming useless, one way or the other.
But then if somebody were to do develop a whole new cryptocurrency from scratch why include so little improvements? So in general the future belongs to a yet to be released cryptocurrency concept. One which takes advantage of the possibility to fix the shortcomings Bitcoin and hence Litecoin and all other forks have.
Faster transaction times is still not near instant transactions
Storing every transaction on every node is still inefficient and unsustainable.
Only rewarding the computational part of transaction processing and not storage and network bandwidth is still unfair
An arithmetic function as distribution curve is still more susceptible to pump & dump than a more natural sigmoid function.
Network parameters are still hardcoded and hence not subject to democratic decision
This are just the shortcomings I know of, a real attempt at creating a decentralized economy which goes beyond the proof-of-concept Bitcoin is would include much further improvements. Any project in the magnitude of common FOSS ones will be so vastly superior to BTC, LTC and whatever currently is out there that there simply will be no debate of what is the better system.
People using it wouldn't be concerned about the exchange rate, or if the currency performs better they will simply be busy with real economic activity which will provide them with wealth instead of hoping for a risky gamble to pay up.
This may take a few years, but every day the current cryptocurrencies are out there they contribute to their own demise. I'm not saying their price is going to zero, they can retain some novelty value. But one thing is certain, they are becoming useless, one way or the other.
If Litecoin offers the same features of Bitcoin, but is faster, why would anyone want to use a slower software?
Because it probably cannot scale as well as Bitcoin can. The orphan rate is 5x higher because blocks are found 5x more quickly, which means as transactions scale up, people will see more and more transactions being reversed here and there, even after seeing one confirmation.Also, because Bitcoin is much more widely used.
It's kind of like asking people why they don't use Google Plus. The answer is, "Well, because no one else is."
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.
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.
Lol
.... The guy thinks because everyone disagrees with him its because they don't understand.
Its very funny in some sort of twisted way.
.... The guy thinks because everyone disagrees with him its because they don't understand.
Its very funny in some sort of twisted way.
No, they're disagreement is based on stupidity, can't accept anything but what they think is right, or ignorance.
/Facepalm
You're the faggots I describe in my posts. Don't like it? Ignore me.
Lol
.... The guy thinks because everyone disagrees with him its because they don't understand.
Its very funny in some sort of twisted way.
.... The guy thinks because everyone disagrees with him its because they don't understand.
Its very funny in some sort of twisted way.
No, they're disagreement is based on stupidity, can't accept anything but what they think is right, or ignorance.
Rule of life : When everyone around you disagrees, it confirms you are right.
Lol
.... The guy thinks because everyone disagrees with him its because they don't understand.
Its very funny in some sort of twisted way.
.... The guy thinks because everyone disagrees with him its because they don't understand.
Its very funny in some sort of twisted way.
No, they're disagreement is based on stupidity, can't accept anything but what they think is right, or ignorance.
Lol
.... The guy thinks because everyone disagrees with him its because they don't understand.
Its very funny in some sort of twisted way.
.... The guy thinks because everyone disagrees with him its because they don't understand.
Its very funny in some sort of twisted way.
I am disappointed in you Simran. 
Sorry
Anyways, since none of the people that are getting mad like bitches have a sense of humor, I will rephrase the OP in a more appropriate way since one of the members here found this disturbing and probably went to the hospital(Btw, I'm not being your medical bill either, bitch).
Here we go, *take a deep breathe*
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 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.
If Litecoin offers the same features of Bitcoin, but is faster, why would anyone want to use a slower software?
And you keep making retarded posts. "Bitcoin is dead" title threw me off right away, then I read the post, and halfway through I saw the OP name and it all made sense.
Things are going a certain way, your post achieves nothing.
Things are going a certain way, your post achieves nothing.
+1
I am disappointed in you Simran.
I don't think it's useless now, you can still use it the way that you described. For some transactions, it makes no difference to me if it's tracked or not, but if I'd like to keep a transaction private I still can. BTC is not useless now.
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