X11 is even worse for litecoin then the scrypt asics.
1) its easy to "asic" it, it doesnt need alot of ram thus making the production cost of chips very low, i guess you can expect awesome speeds even with fpgas...
2) Its easy to cpu mine, makes litecoin very vulnerable to botnet attacks...
3) The only reason it uses only 60% of electricity compared to scrypt is, that the miner is totally unoptimized. The reason it uses so little electricity is simply that the cards aren't working at full power...
I really doubt you get the majority of miners to this, especially not without the ltc devs supporting that, a coin without good devs is a bad investment anyway.
PS: if something like that ever happens, it has to be a community effort including the original ltc devs and not from a bunch of anonymous guys...
Imho, the opportunity was missed todo that, it has been known that scrypt asics will hit the market for several months now, this had to be done before plenty of people preordered ASICs - but it wasnt.
Topic: (Unofficial) [ANN] Litecoin [LTC] to X11 algorithm hardfork - page 13. (Read 68499 times)
Why not bring this to the actual Litecoin community on the LTC forums?
Another option on the LTC forum was to fork LTC to Scrypt-N but it was never picked up by the developers.
without ASICs LTC will never get to the moon 
There are ASICS for LTC and I don't yet see a moon.
without ASICs LTC will never get to the moon
Why not bring this to the actual Litecoin community on the LTC forums?
Well the approach is different. Instead of just cloning litecoin like the many others you just try to steal the right to develop the coin. No wonder your an anonymous group.
Is there a mailing list I can join? Also, with out a substantial amount of hash to find blocks at the current difficulty how are you going to continue the chain?
We expect enough GPU miners to stay on Litecoin, the coin itself doesn't change, only the algorithm does.
We could calculate a drop in difficulty when the coin is hardforked, to anticipate the loss of hashingpower from existing scrypt ASICS but we doubt if it is needed.
A lot of GPU miners are moving over to X11 already.
Hirocoin and Darkcoin have a great future ahead.
Is there a mailing list I can join? Also, with out a substantial amount of hash to find blocks at the current difficulty how are you going to continue the chain?
We expect enough GPU miners to stay on Litecoin, the coin itself doesn't change, only the algorithm does.
We could calculate a drop in difficulty when the coin is hardforked, to anticipate the loss of hashingpower from existing scrypt ASICS but we doubt if it is needed.
Is there a mailing list I can join? Also, with out a substantial amount of hash to find blocks at the current difficulty how are you going to continue the chain?
First time ive ever seen this, but still awesome! People can most certainly choose to vote with their hash power on which chain to continue.
There is literally no downside to switching to x11 algo, this would only be good for everyone's gpu's, atleast now coming summer. Wouldn't you want your gpu's to run 30 degrees colder yet still manage 3x faster speeds?
We, a team of Litecoin supporters and developers
who is this we?
A bunch of highschoolers. They found a HOWTO x11.
May I know how can you do that?
I do not see the point of doing that apart from throwing to the ground millions dollars of investments of ASCI companies and ASCI enthusiasts which buy them.
I think this will be very bad for LTC reputation and investors will go away.
ASCI is a natural step in a successful coin life and should be accepted. For me scrypt ASCI is innovation and innovation should not be killed.
There is already some interesting alternatives if you do not want to have an unfair mine-fight against ASCI (darkcoin, vertcoin, myriadcoin and many more) and you can always just sell them to LTC, if you are a long term LTC supporter.
I think this will be very bad for LTC reputation and investors will go away.
ASCI is a natural step in a successful coin life and should be accepted. For me scrypt ASCI is innovation and innovation should not be killed.
There is already some interesting alternatives if you do not want to have an unfair mine-fight against ASCI (darkcoin, vertcoin, myriadcoin and many more) and you can always just sell them to LTC, if you are a long term LTC supporter.
Lol
But it may not be so bad. Saw some people discussing it on BTC-E (see chat archive) and Poloniex and price is going up a bit.
This has to be an early April Fool joke right?
Let us be clear, this is not a joke.
We are serious on securing the future of Litecoin.
We hope to convince the majority of the pools, exchanges, shops and most important the users to upgrade to our hardfork before block 546,480.
You will not lose coins.
People will not lose coins, but the coins will be worth shit if the network forks. You are actually practicing a form of economic attack on LTC by spreading uncertainty over some kind of potential fork.
The right way to do it, is
a) to go through the official channels and ask for PoW change with a voting. If it's yes, the official coin will hardfork in a different PoW. If it's no, it's no.
or
b) to make a coin which suits you
I don't agree with this guys.
When coin publish, it should be decentralized, out of anyone's control.
When coin publish, it should be decentralized, out of anyone's control.
ASIC will get LTC away from the baby room to the adult room. ASICs make the coin stronger, not mining it with non specialized hardware. Question: Is a car produced with non-specialized hardware worth more?
Just my personal opinion:
I feel like this is just butthurt GPU miners being butthurt that Scrypt is slowly evolving to ASIC. I don't see the problem with it really to be honest:
- ASICs will provide a higher hashrate, thus it will improve on the security of the Litecoin system
- ASICs are cheaper then GPU's, not only in gear but also in terms of power and heat.
- LiteCoin will grow more professional by having a bigger hashrate, since it will be way less suspectable to 51% attacks. More trust from vendors etc.
- Scrypt ASICs have MANY other options to mine than just Litecoin, it is not like Bitcoin which is most of the times the most profitable to mine for SHA ASICs.
If you are really serious about your mining then start investing in the future and get an ASIC scrypt miner. It'll save you a bunch on your powerbills and thus (at the moment) make you more money. Throwing it on X11 would push the whole network to a way lower hashrate I expect, unless it's suddenly WAY more profitable to do. Also I don't expect the market to be particulary happy with this.
I feel like this is just butthurt GPU miners being butthurt that Scrypt is slowly evolving to ASIC. I don't see the problem with it really to be honest:
- ASICs will provide a higher hashrate, thus it will improve on the security of the Litecoin system
- ASICs are cheaper then GPU's, not only in gear but also in terms of power and heat.
- LiteCoin will grow more professional by having a bigger hashrate, since it will be way less suspectable to 51% attacks. More trust from vendors etc.
- Scrypt ASICs have MANY other options to mine than just Litecoin, it is not like Bitcoin which is most of the times the most profitable to mine for SHA ASICs.
If you are really serious about your mining then start investing in the future and get an ASIC scrypt miner. It'll save you a bunch on your powerbills and thus (at the moment) make you more money. Throwing it on X11 would push the whole network to a way lower hashrate I expect, unless it's suddenly WAY more profitable to do. Also I don't expect the market to be particulary happy with this.
How are you going to get it on the exchanges?
Why X11 and not something else like SHA-3 or SHA-512/Momentum/Primechain etc.?
Does "we" include any of the devs? If so,how many?
How is this fork going to maintain it's current value in the market?
I'm all for decentralization but do you have a fully-formed plan to fork (binaries,code) and more importantly,in the marketplace,what's the plan regarding exchanges and vendors? What's the map to ask the vendors to accept this?
Why X11 and not something else like SHA-3 or SHA-512/Momentum/Primechain etc.?
Does "we" include any of the devs? If so,how many?
How is this fork going to maintain it's current value in the market?
I'm all for decentralization but do you have a fully-formed plan to fork (binaries,code) and more importantly,in the marketplace,what's the plan regarding exchanges and vendors? What's the map to ask the vendors to accept this?
Thanks for your reply.
We have thought about this.
Our group is small right now, 2 developers and 3 people (including myself) for PR and communication.
User Beeker is involved in this too and we use his account for the first weeks of communicating to the Bitcointalk community.
2 of us are well known hero members on Bitcointalk but won't yet disclose our identity until we think there's enough community support to get into the next phase of this project.
We understand the challenges ahead and we hope to get the main LTC team on our side, one they realize what LTC is facing.
To battle Bitcoin we need progressive thinking and a long-term vision for LTC.
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