A quick glance at
https://vircurex.comReveals that litecoin is not secured by all that much network hash. Am i missing something? Sure litecoin has volume and high market cap but several coins crush litecoin in terms of total hash. Ixcoin, the clone of bitcoin with all minting done for instance absolutely devestates litecoin in security.
This is a false assumption that is commonly made. Many believe that the more complex the PoW algorithm, the more decentralized or secure the block chain is.
The opposite is true.
Scrypt is more complex to hash than SHA256d and therefore requires more computing power or resouces. As a result there is less 'Hash' to go around and the majority of the high powered expensive ASIC's end up in the hands of the wealthy few, thus creating centralization and a less secure network. The same will happen with X11 on a grander scale.
This is the reason why Satoshi chose a simple algorithm for Bitcoin.
Also, you are comparing Litecoin (Scrypt) to IXcoin (SHA256d). SHA256d (for the reasons I mentioned above) will always have more 'hash' than Scrypt. Additionally, IXCoin is merge mined with Bitcoin.
So if i understand you correctly.
Scrypt being a more complex hash means that it is going to be centralized faster then sha256d.
Sha256d coins will always have a greater hash then scrypt.
Does this mean that sha256d coins will always be more secure then scrypt?
Is it possible to compare litecoin security to bitcoin then?
Thanks
