What is Reddit's opinion of Litecoin?

From 3.5 billion Reddit comments

I say start mining ASAP. There will always be market for GPU mining. Infact, it is this market that gave litecoin its growth after ASICs took over bitcoin last year.

It's funny how litecoin.org currently states:

> One of the aims of Litecoin was to provide a mining algorithm that > could run at the same time, on the same hardware used to mine > bitcoins. With the rise of specialized ASICs for Bitcoin, Litecoin > continues to satisfy these goals.

Really, litecoin Dev should remove this statement on the main page since it is no longer a main litecoin's mission statement.

OK here's a basic guide to begin mining if you have no idea about any coins or anything.

You're not going to have much luck GPU mining BTC these days so this tutorial is focused on litecoin.

go to http://litecoin.org and download the wallet. (or http://bitcoin.org for BTC) Get a receiving Litecoin Address from the wallet, Download MacMiner from http://fabulouspanda.co.uk/ then in MacMiner pool settings (opens first time the app opens and is in miner settings panels opened with the little cog button on the miners) paste your litecoin address in the LTC address for rewards field. Click Save & start

Go to the 'View' Menu at the top of the screen and open CPU Miner. Click start and you'll be mining LTC on your CPU

The BFG Miner window will have opened when the app did so click the cog button to open miner settings panel and click 'enable GPU mining' and 'use scrypt' then apply the settings and start the miner. Then you'll be mining on your GPU (if your GPU can handle it) You'll then probably want to see how high you can put up the intensity in bfgminer settings panel before it renders your Mac unusable (usually a bit over 10 for Litecoin)

>Can you tell me more about alternative networks?

Sure! Different networks have been set up to accommodate different purposes. there is one called Litecoin that is optimized for processors
there is another one called namecoin which is made with the intent of creating and transferring censorship proof domain names.

>It runs the same software?

To set different rules you need to change the software. So no, most cases the software has been modified.

>Like the difference between the dollar and the euro?

Yes

Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. ... In technical details, litecoin is nearly identical to Bitcoin.

😍 TRONbet is an innovative, trustless, permission-less, and high-performance e-gaming platform on the TRON network with a skyrocketing growth of users. It is a provably-fair casino that allows users to win a percentage of the net revenue received at the end of every day. Try it out today!

TronBet Website: http://bit.ly/2XA5svr

TronBet Telegram: http://bit.ly/2NKeeHi

topic: http://litecoin.org

I personally have no idea. The program I was using was Reaper in litecoin mode. Litecoin uses scrypt for a proof of work system. I haven't had time to look at it in detail, just going by what the websites state. I can upload a .bin version of my kernel if you want but here are the settings I used in the litecoin.conf file for reaper.

worksize 256

aggression 18

threads_per_gpu 5

sharethreads 18

lookup_gap 2

gpu_thread_concurrency 6144

Generates 350k on average now. It was also using about 550mb of main ram.

I'm more of the opinion that LiteCoin is a better implementation since it is not vulnerable to GPU farming, at least in the sense that it's not going to be possible that someone starts building rigs to perform sCrypt hashing--it requires too much memory. It's still a electricity→money transform, but more than likely less vulnerable to the pump/dump trading of BitCoin. It'll be more valuable in the long run I think and in a year we're going to hear more about robberies of LiteCoin wallets instead of BitCoin wallets.

> So scrypt is not designed for the kinds of the attacks I am worried about. Building custom ASIC requires far greater investments than getting 4 ATI 5970s.

The same properties also defend against GPU attacks - either way vastly more silicon is needed.

I'll point out scrypt is currently being used by several cryptocurrencies for precisely this reason -- Litecoin and Tenebrix both use a 128kB buffer. Perhaps a bit small if you're worried about the GPU architecture after next, but certainly around the right order of magnitude to make compute unit scratch space cry.

> Any password hashing solution should look at least 5 years in the future, and caches on those GPUs has been increasing proportionally with the memory amounts. So small buffer scrypt is not the way to go.

GPU caches are very small and will remain so compared with CPUs because there's simply not much space for them. They're certainly going to be utterly overwhelmed for the foreseeable future against orders of magnitude less than 64MB, even ignoring that much of the cache isn't designed for random access (or even writing) and that it's shared amongst dozens if not hundreds of SP's.

Any way you cut it you're ending up more difficult to crack than any of the alternatives. Direct quote from the author: "it would be basically impossible for scrypt to end up being less secure than existing KDFs".