There is so much misinformation in that blog post.... jesus. I hate people spew bullshit like they're some expert and they don't have any idea what they're talking about.
1) In long term security is not measured in “block interval time” or number of blocks. It’s measured in amount of money to be spent on double spending. Today hashrate of Bitcoin is many-many times more expensive than that of Litecoin. So one block confirmation in Litecoin is not just 4x less secure, but hundreds times less secure: you need smaller investment to fork the chain, than with BTC. So anyone who brings up security argument is lying to you.
This argument is quite flawed. The Bitcoin network is currently running at 5044.60 Th (or 5,044,600 Gh), compared to Litecoin's 50,250.3 Mh/s (or 50,250,300 Kh). I agree the Bitcoin network is faster than Litecoins, but this does not mean it is more secure from 51% attacks for the following reasons:
Speed needed to 51% Bitcoin: 2,572,746 Gh
Current best price per Gh for a Bitcoin ASIC: $1.93 *
Total $$$ needed to 51% Bitcoin: $4,965,399.78
Speed needed to 51% Litecoin: 25,627,653 Kh
Current best price per Kh for a 7950 (FPGAs are more expensive $ per Kh): $0.38 **
Total $$$ needed for the GPUs to 51% LTC: $9,738,508.14
Bonus points:1. This doesn't even include the fact Bitcoin ASICs are incredibly more effecient than GPUs, so to attack Bitcoin would require exponentially less power (which the power costs would be very expensive to attack either BTC or LTC.)
2. This doesn't even include the fact that you must buy Mobos, CPUs, PSUs, etc. to 51% LTC. Adding in these costs will also make the cost to 51% LTC go up exponentially.
3. This doesn't even include cooling requirements, which would cost much more to 51% LTC than BTC because GPUs are so much more inefficient than ASICs and thus produce more heat.
4. Due to economies of scale, if you made your own Bitcoin ASIC, the cost per Gh would go down dramatically, making it cost much less than the above number to 51% Bitcoin.
* Source:
https://en.bitcoin.it/wiki/Mining_hardware_comparison* Source:
http://www.pricewatch.com/video_cards/That's all I have time to refute for now. I'll be back later to refute some of the other (false) points he made in the blog. Maybe he should think about what he writes before acting like what he is writing are facts. This blog post is almost entirely FUD.
