LTC had 33% supply inflation in year three. What was C. Lee thinking?

rickC137

copper member

Activity: 41

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Quote from: Hazard on April 24, 2015, 05:48:00 PM

Quote from: monsterer on April 24, 2015, 05:16:22 PM

He was thinking:

1) Clone bitcoin
2) Change hashing algorithm
3) Profit

He didn't even change the algorithm. Tenebrix was the first scrypt coin. Litecoin was a lazy copy of it that happened to catch on.

Wow. I didn't know this. You learn something new every day.

kelsey

legendary

Activity: 1876

Merit: 1000

bitcoin's deflationary.

ask anyone how many bitcoins there are and the reply will be 21 million (very few know the exact mined todate at any given time);

now if you know anything about markets, anything already know to the market whether it has yet occurred or not, is already priced in (its one of the reasons so many noobs lose out in real world markets re not understanding this simple principle, and why insider trading is so profitable), so the market already bases bitcoin price around 21 million coins existing.

overtime the more people attracted to bitcoin the harder it is to get your hands on one of these 21 million, while fiat will be endlessly printed.

iGotSpots

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CPU Web Mining 🕸️ on webmining.io

Quote from: Lorenzo on April 24, 2015, 11:44:00 PM

Quote from: Hazard on April 24, 2015, 05:48:00 PM

Quote from: monsterer on April 24, 2015, 05:16:22 PM

He was thinking:

1) Clone bitcoin
2) Change hashing algorithm
3) Profit

He didn't even change the algorithm. Tenebrix was the first scrypt coin. Litecoin was a lazy copy of it that happened to catch on.

It wasn't just a "lazy copy". Tenebrix was the more innovative coin technology-wise since it was the first to implement scrypt but it was also flawed in many other ways. Not only was it premined but it was also based on a very buggy piece of beta software called Multicoin which was based on Bitcoin. coblee forked Tenebrix and removed the premine to create a fair coin called Fairbrix. But it was still based on the buggy Tenebrix which was based on the buggy Multicoin. So coblee then forked Bitcoin directly and incorporated the scrypt technology from Fairbrix/Tenebrix. He also made a few other adjustments to the coin such as a fixed coin supply and a faster block time.

Litecoin didn't just "happen to catch on". It caught on for very good reasons. There were many people who were interested in mining cryptocurrencies but Bitcoin was becoming dominated by expensive GPU farms. coblee was able to fulfill the demand for ordinary home mining by incorporating the scrypt technology into a fairly-launched and high-quality code product.

Maybe fair, but only until the GPU miner for scrypt was kept in small circles

Pecunia non olet

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Activity: 882

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Man, you are one fast brain! You just figured that out like recently?
But good news is: halving at block 840000 which is only months away. Wink

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

Quote from: Lorenzo on April 24, 2015, 11:44:00 PM

Quote from: Hazard on April 24, 2015, 05:48:00 PM

Quote from: monsterer on April 24, 2015, 05:16:22 PM

He was thinking:

1) Clone bitcoin
2) Change hashing algorithm
3) Profit

He didn't even change the algorithm. Tenebrix was the first scrypt coin. Litecoin was a lazy copy of it that happened to catch on.

It wasn't just a "lazy copy". Tenebrix was the more innovative coin technology-wise since it was the first to implement scrypt but it was also flawed in many other ways. Not only was it premined but it was also based on a very buggy piece of beta software called Multicoin which was based on Bitcoin. coblee forked Tenebrix and removed the premine to create a fair coin called Fairbrix. But it was still based on the buggy Tenebrix which was based on the buggy Multicoin. So coblee then forked Bitcoin directly and incorporated the scrypt technology from Fairbrix/Tenebrix. He also made a few other adjustments to the coin such as a fixed coin supply and a faster block time.

Litecoin didn't just "happen to catch on". It caught on for very good reasons. There were many people who were interested in mining cryptocurrencies but Bitcoin was becoming dominated by expensive GPU farms. coblee was able to fulfill the demand for ordinary home mining by incorporating the scrypt technology into a fairly-launched and high-quality code product.

And now scrypt mining is totally centralized while COB LEE stood by and did nothing. He could've changed the algorithm to CPU/GPU mining-friendly one with the community's support but he did nothing. He won't even speak up for his coin because he's afraid his boss will yell at him.

Lorenzo

sr. member

Activity: 406

Merit: 250

Quote from: Hazard on April 24, 2015, 05:48:00 PM

Quote from: monsterer on April 24, 2015, 05:16:22 PM

He was thinking:

1) Clone bitcoin
2) Change hashing algorithm
3) Profit

He didn't even change the algorithm. Tenebrix was the first scrypt coin. Litecoin was a lazy copy of it that happened to catch on.

It wasn't just a "lazy copy". Tenebrix was the more innovative coin technology-wise since it was the first to implement scrypt but it was also flawed in many other ways. Not only was it premined but it was also based on a very buggy piece of beta software called Multicoin which was based on Bitcoin. coblee forked Tenebrix and removed the premine to create a fair coin called Fairbrix. But it was still based on the buggy Tenebrix which was based on the buggy Multicoin. So coblee then forked Bitcoin directly and incorporated the scrypt technology from Fairbrix/Tenebrix. He also made a few other adjustments to the coin such as a fixed coin supply and a faster block time.

Litecoin didn't just "happen to catch on". It caught on for very good reasons. There were many people who were interested in mining cryptocurrencies but Bitcoin was becoming dominated by expensive GPU farms. coblee was able to fulfill the demand for ordinary home mining by incorporating the scrypt technology into a fairly-launched and high-quality code product.

bitwho

legendary

Activity: 1274

Merit: 1000

but.. it got the popularity it aimed for.. it is now tied to btc. dare i even say pegged to it?

it was the most popular. hence it has higher user base. it is a pair trade with a lot of coins. it is accepted more then any other coin (excluding bitcoin)

what use is a lite wallet? low energy pow/pos, faster transactions and the rest of the fancy features ?

Sure these features make my crypto experience better, but what good is a fancy toy when i got no one to play it with?

MicroGuy

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Twitter @realmicroguy

Even with the rocky start (and name borrowed from the low-cost beer industry), I feel Litecoin probably still had a chance to evolve, survive, and grow up until the point that Lee decided to abandon ship. Now the vessel seems destined to lower its sails and drift away into the darkness.

Hazard

legendary

Activity: 980

Merit: 1000

Quote from: monsterer on April 24, 2015, 05:16:22 PM

He was thinking:

1) Clone bitcoin
2) Change hashing algorithm
3) Profit

He didn't even change the algorithm. Tenebrix was the first scrypt coin. Litecoin was a lazy copy of it that happened to catch on.

bathrobehero

legendary

Activity: 2002

Merit: 1051

ICO? Not even once.

If I wanted to be completely honest, I have no idea why LTC is still a thing.

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

Quote from: monsterer on April 24, 2015, 05:16:22 PM

He was thinking:

1) Clone bitcoin
2) Change hashing algorithm
3) Profit

I've read his posts and watched his speech at MIT. What a waste of time. He's a complete Nichtnutz.

monsterer

legendary

Activity: 1008

Merit: 1007

He was thinking:

1) Clone bitcoin
2) Change hashing algorithm
3) Profit

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

Why would you design a controlled supply where there was 33% supply inflation in year 3?

Answer: Because bitcoin had 33% supply inflation in year 3 and LTC copied it blindly. 33% supply inflation was appropriate for bitcoin because barely anyone knew about bitcoin in the beginning and inflation had to remain high for a wide distribution. Litecoin simply copied bitcoin's supply inflation despite the fact that bitcoin was already making headlines by the time Litecoin was invented.

Topic: LTC had 33% supply inflation in year three. What was C. Lee thinking? (Read 653 times)