Topic: Litecoin Creator (Charlie Lee) Recommends Merged Mining with Dogecoin - page 4. (Read 5676 times)
April 07, 2014, 04:55:25 AM
Personally I think competing for miners is a great thing, coinwarz!
April 07, 2014, 04:33:37 AM
Litecoin is doomed to RIP anyway so ..
Thanks to coblee! 
it is just so so outdated. I mean scrypt? ....
April 07, 2014, 04:33:32 AM
longer quote
Quote
Litecoin creator here.
I got to know Jackson Palmer at the CoinSummit conference. Very cool guy. We exchanged a few emails afterwards and I suggested merged mining to him because I think it's a perfect solution to a potential problem that Dogecoin (and Litecoin) will be facing soon.
Here's what I sent him:
Jackson, I thought occurred to me. What are your thoughts about merged mining? Its unfortunate the dogecoin kept the same mining algorithm as litecoin. As we are now competing for miners. The scrypt asics might make this very chaotic. Merged mining will solve that. The only problem with merged mining is that it may peg the two coin's price together since the supply would be linked. But since price doesn't matter that much for Doge, I think merged mining is the prefect solution.
What do you think? I would love to see a world where litecoin and dogecoin both thrive and work together instead of competing for miners.
ASICs could potentially do a lot of damage to the small coins, so having Litecoin and Dogecoin join up would be good for both coins. In order to make that happen, doge would need a hardfork to add in merge mining capabilities. After that, pools will do the rest. I'm pretty sure all you need to do is add this code: https://github.com/united-scrypt-coin-project/unitedscryptcoin/commit/f772fbdd09f0999f83f0447a206d58bbe46b2d51 Make sure you set the block changeover to sometime in the future and use a unique chain index.
If you do proceed to go forward with this, I can help more.
There's obviously trade offs with merged mining. But I think this move would benefit both coins and ensure the survival of both.
I got to know Jackson Palmer at the CoinSummit conference. Very cool guy. We exchanged a few emails afterwards and I suggested merged mining to him because I think it's a perfect solution to a potential problem that Dogecoin (and Litecoin) will be facing soon.
Here's what I sent him:
Jackson, I thought occurred to me. What are your thoughts about merged mining? Its unfortunate the dogecoin kept the same mining algorithm as litecoin. As we are now competing for miners. The scrypt asics might make this very chaotic. Merged mining will solve that. The only problem with merged mining is that it may peg the two coin's price together since the supply would be linked. But since price doesn't matter that much for Doge, I think merged mining is the prefect solution.
What do you think? I would love to see a world where litecoin and dogecoin both thrive and work together instead of competing for miners.
ASICs could potentially do a lot of damage to the small coins, so having Litecoin and Dogecoin join up would be good for both coins. In order to make that happen, doge would need a hardfork to add in merge mining capabilities. After that, pools will do the rest. I'm pretty sure all you need to do is add this code: https://github.com/united-scrypt-coin-project/unitedscryptcoin/commit/f772fbdd09f0999f83f0447a206d58bbe46b2d51 Make sure you set the block changeover to sometime in the future and use a unique chain index.
If you do proceed to go forward with this, I can help more.
There's obviously trade offs with merged mining. But I think this move would benefit both coins and ensure the survival of both.
April 07, 2014, 04:20:37 AM
Litecoin is doomed to RIP anyway so ..
Thanks to coblee! April 07, 2014, 04:10:02 AM
It is a sign of desperation when LTC founder want to relay on the DOGE community to ensure the surivial of his own creation.
April 07, 2014, 03:53:10 AM
Dogecoin should change to another algorithm say scrypt-nfactor, when ASIC dominated scrypt mining, dogecoin would be the main coin for GPU mining.
April 07, 2014, 03:09:09 AM
The reasoning is simple.
My simple reasoning is doge's a jokecoin, one that many large ltc holders wouldn't want any sort of connection too, add that to the scrypt asics non sense (by that I mean even listening to the suggections of changing it)......well some big hands might fold.
Litecoin is a jokecoin man
charlie lee said it himself...
April 07, 2014, 03:06:46 AM
Scrypt clones should just be killed off, they serve no purpose other than to dilute and confuse the market.. is that a good thing ?
Litecoin = Scrypt clone (forgot Tenebrix and Fairbrix eh?) April 07, 2014, 03:06:20 AM
The reasoning is simple.
My simple reasoning is doge's a jokecoin, one that many large ltc holders wouldn't want any sort of connection too, add that to the scrypt asics non sense (by that I mean even listening to the suggections of changing it)......well some big hands might fold.
April 07, 2014, 02:54:14 AM
Scrypt clones should just be killed off, they serve no purpose other than to dilute and confuse the market.. is that a good thing ?
April 07, 2014, 02:51:24 AM
Litecoin is doomed to RIP anyway so who would care
April 07, 2014, 02:38:02 AM
It doesn't matter for Litecoin in my view.
So far Litecoin didn't need it so why should it now? On the other hand Doge is pretty new still so I wouldn't presume it will succeed just yet.
If Doge is around and is receiving good support and development of necessary infrastructure in 1 year from now then I think it has a chance.
The test of time is what really matters. Any coin can spike up and hype up in a short amount of time.
So far Litecoin didn't need it so why should it now? On the other hand Doge is pretty new still so I wouldn't presume it will succeed just yet.
If Doge is around and is receiving good support and development of necessary infrastructure in 1 year from now then I think it has a chance.
The test of time is what really matters. Any coin can spike up and hype up in a short amount of time.
April 07, 2014, 01:48:10 AM
one really stupid move for litecoin.
A really smart move for litecoin imo.
April 07, 2014, 01:45:26 AM
one really stupid move for litecoin.
April 06, 2014, 10:39:02 PM
From /r/Bitcoin
[–]coblee 9 points 19 hours ago (9|0)
I have actually suggested this to Jackson Palmer and he seemed intrigued by the idea. We'll see if he agrees. Litecoin and Dogecoin merged mined would be beneficial to both coins.
I've known pretty much since before I created Litecoin that in order to survive, you can't compete with Bitcoin for miners. So you'd need to be mined on a different class of hardware. I believe this fact will be pretty clear when ASICs for Scrypt becomes widely available.
http://www.reddit.com/r/Bitcoin/comments/22aw8c/most_altcoins_are_not_secure_enough_they_exist/cglaq3n
[–]coblee 9 points 19 hours ago (9|0)
I have actually suggested this to Jackson Palmer and he seemed intrigued by the idea. We'll see if he agrees. Litecoin and Dogecoin merged mined would be beneficial to both coins.
I've known pretty much since before I created Litecoin that in order to survive, you can't compete with Bitcoin for miners. So you'd need to be mined on a different class of hardware. I believe this fact will be pretty clear when ASICs for Scrypt becomes widely available.
http://www.reddit.com/r/Bitcoin/comments/22aw8c/most_altcoins_are_not_secure_enough_they_exist/cglaq3n
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